Rent charge - deed of variation - lender requirements

[PK812]

Hi all

We are buying a property (build ±15y ago) which is subject to estate rent charge of ±700 GBP pa.

Management company agrees to sign deed of variation that includes only notice period of 28 days for the owner and lender to settle arrears and nothing else. Our solicitor believes it might be risky to go ahead with the deal as many lenders will be reluctant to provide a mortgage on this house in the future when we attempt to sell it or remortgage. Our lender is ok with that tho.

Does anyone had experience with cases like that? What would you suggest to do? We do really like the house and don't want to be miss it for just being too conservative.

Thanks in advance

Hi

Realise this is an old thread but can I ask what you decided? In a similar situation (although Management Company hasnt yet been approached about Deed of Variation). I am hoping for a deed of covenent to replace the section 121 bit of the contract which is the bit our solicitorhas the biggest problem with.