A Deed of Variation for Ground Rent is commonly used when parties wish to modify ground rent provisions in existing leases, particularly in light of recent legislative changes in England and Wales. This document becomes necessary when landlords and tenants agree to alter ground rent terms, often to comply with the Ground Rent Act 2022 or to make the property more marketable. The deed formally varies the original lease while preserving all other terms and conditions, and must be executed as a deed to be legally valid. It requires careful consideration of existing mortgage arrangements and may need mortgagee consent.
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1. Parties: Details of the landlord, tenant, and any other relevant parties to the deed
2. Background: Details of the original lease and reason for variation of ground rent
3. Definitions: Key terms used in the deed including 'Original Lease', 'Property', 'Ground Rent', 'Variation Date'
4. Variation: Specific changes being made to ground rent provisions including new amounts and payment terms
5. Effective Date: When the variations take effect and implementation details
6. Original Lease: Confirmation that all other terms of the original lease remain unchanged and in full force
7. Execution: Formal execution clauses and signature blocks for all parties
1. Consent of Mortgagee: Required section when there is a mortgage on the property, including mortgagee's formal consent
2. Management Company Provisions: Section required when a management company is involved in the lease structure
3. Service Charge Variations: Section included when service charge provisions are also being modified alongside ground rent
1. Schedule 1 - Original Lease: Copy or details of the original lease including date, parties, and registration details
2. Schedule 2 - Property Description: Detailed description of the property if different from original lease
3. Schedule 3 - New Ground Rent Provisions: Detailed breakdown of new ground rent terms, calculation methods and payment dates
4. Appendix A - Plans: Property plans if relevant to the variation or if required for Land Registry purposes
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