Rentcharge Help

[Rolo884]

We are 4 months into buying a freehold detached property on an estate that is around 6 years old.

It has now come to light that the property is subject to a Rentcharge which is owned by the management company. The Rentcharge is minimal at £5 per year and our sellers have told us they knew nothing about it. Our conveyancers have put the fear of god into us with regards to the risks of buying a property that is subject to a rentcharge and suggested we ask for a Deed of Variation which she said would assist us and any future purchaser - She has also advised us this is a lengthy process and we could be waiting another couple of months for this to be created and signed by all the parties as they seem to only use snailmail to correspond (my mind is still blown by this!!)

We have since had a phone call from our solicitors to advise that our mortgage company has actually said they are happy for us to proceed without a Deed of Variation or Indemnity Policy.

I guess we have a couple of options: -

• Our mortgage company have advised they are happy for us to proceed WITHOUT a Deed of Variation or Indemnity - We can just proceed as it and run the risk of coming across this issue when we sell!
• Continue to ask the sellers to get a Deed of Variation drawn up for our peace of mind - This may take months.
• Apparently indemnity insurance isn't an option for us due to the rentcharge being paid to the management company. I have no idea why not and they couldn't give me any other context.

I wondered whether we could progress with the house purchase without the Deed of Variation and instruct a solicitor after we have bought the property to get a Deed of Variation drawn up whilst we live there for future use?

Any experience or advice welcome. We feel stuck to know what to do. This has already been a painful process and the thought of another 2-3 months is weighing heavy on our shoulders!

Thanks