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Our private clients specialist guide to deed of variation and disclaimers , reasons for making a variation , income tax , why are these made , how can avery walters help .

What is a Deed of Variation?

By Harmanjot Kaur Lawyer

Updated on July 26, 2022 Reading time: 5 minutes

This article meets our strict editorial principles. Our lawyers, experienced writers and legally trained editorial team put every effort into ensuring the information published on our website is accurate. We encourage you to seek independent legal advice. Learn more .

Is a Deed of Variation the Right Document?

When to use a deed of variation, what to include in a deed of variation, key takeaways, frequently asked questions.

Running a successful business involves entering into a variety of contracts. However, your needs and priorities will also change as your business grows. Accordingly, the terms in your initial contracts may no longer apply. In such situations, you can change a contract by a deed of variation. This article will explore situations that require a deed of variation and critical information to include.

A deed of variation, otherwise known as a deed of amendment, is a legal document created by two people who wish to change one or more terms of their existing agreement. While it is possible to change an agreement through other methods, a deed of variation is the best option as it:

clearly states the changes to the agreement; and
does not require consideration (the evidence that each party is gaining something), unlike a new contract.

When varying a contract, you must do so correctly. Errors might make your changes ineffective and the original agreement still applicable. Consequently, you may unintentionally break the rules of the original agreement if you act in accordance with an invalid variation.

The original contract will usually contain a section detailing when and how you can vary the contract. Therefore, you should familiarise yourself with sections relating to variations and ensure you meet these requirements.

A deed of variation is appropriate when you want to vary the terms of a contract, and the contract requires any changes to be in writing and signed by both parties. A deed is recommended for high-value contracts or if the changes are significant or substantial.

You should not use a deed of variation if you are proposing to change the parties to a contract or if you are substantially changing a large portion of the original contract. If you are proposing to change the parties who benefit from a contract in some way, a deed of assignment or a deed of novation would be more appropriate. If you are making substantial changes to a large portion of the original contract, it may be cleaner to terminate the existing contract and create a new one.

The deed should set out:

the details of the parties;
a brief description of the original agreement;
a statement acknowledging the parties’ intention to vary the original agreement;
the clause in the contract that allows for amendment;
the variations you are making; and
the date from which the variations will take effect (if different from the date of the deed).

A deed of variation is a contract of its own and, therefore, must meet the legal requirements of a contract to be legally binding. You must also execute the deed appropriately, per the Corporations Act 2001 (Cth), where either party is a company.

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While it is essential to negotiate all the commercial and legal terms of a contract before you finalise it, you can make changes at a later date if need be. One way to introduce changes in a contract is through a deed of variation. This document allows parties to a contract to vary or change one or more terms of their existing contractual agreement. Creating a deed ensures any changes are in writing and signed by both parties without the additional contractual requirement of consideration.

If you need help with a deed of variation, our experienced Contract lawyers can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on 1300 544 755 or visit our membership page .

A deed of variation is a legal document used to change the terms of an existing contract.

A deed is usually the safer option, as it does not require consideration to be legally binding. However, if you wish to make your variation through a new agreement, you must ensure that you set out consideration in the document.

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Deeds of Variation: How To Change A Will

Changing someone’s will after they’ve died might seem like an impossible or contentious task. But with the support of a legal expert and the agreement of all the beneficiaries, it can be quite straightforward. This article offers a brief introduction to deeds of variation: what they are, how they work, and why you might want to write one.

What is a Deed of Variation?

A deed of variation is a legal document that beneficiaries of a will can use to change the will after the person has died. You can only make these changes if any beneficiaries of the original bill who are left worse off by the changes you propose agree.

If the person died intestate , meaning they didn’t leave a will, their estate will be divided according to the law. However, you can still make changes in the same way as if there were a will.

If you want to make changes to someone’s will, you have to do so within 2 years of their death.

Reasons for Deeds of Variation

There are a number of reasons that someone might want to change a will. Some examples on the government’s website include:

Reducing the amount of inheritance tax or capital gains tax you have to pay
Changing it to benefit someone who was left out of the original will
Adjusting the will to reflect the beneficiaries’ individual situations. For instance, one beneficiary might be more in need than another.
Moving the estate into a trust
Clarifying uncertainty over the will

Requirements for a Valid Deed of Variation

A deed of variation doesn’t need to be a formal legal document or deed. A written letter can actually suffice as long as it fulfills the following requirements:

You’re making the changes within 2 years of the death
Everyone who ends up ‘worse off’ from the changes has signed it
You clearly state what the changes are and why
It includes a ‘stamp duty certificate’ if you’re trying to change the destination of stocks, shares or marketable securities

It’s also important to note that there may be certain inheritance tax or capital gains tax considerations that might affect the validity of your deed of variation.

How to register a Deed of Variation

It’s advisable to consult a legal expert when drafting your deed of variation. Though this isn’t actually a legal requirement, it’s best to enlist the support of an experienced lawyer who can ensure that your deed of variation fulfills all the legal requirements.

Our dedicated wills and probate team offers years of experience supporting clients with drafting their wills, planning for estate succession, and writing deeds of variation where appropriate. If you’re thinking about altering someone’s will or want advice on how to do so, get in touch.

FAQs about Deeds of Variation

How much does a deed of variation cost uk .

Writing a deed of variation doesn’t have to cost anything. But we’d recommend consulting and working with a lawyer to ensure you’re aware of any legal or tax implications. Instructing a lawyer will involve a fee for their time.

What is a deed of variation used for?

A deed of variation, as we outlined above, is a document used to make alterations to a person’s will after they have died. Only beneficiaries of the will are entitled to make these kinds of changes.

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Deed of Variation: Changing a Will After Death

What is a deed of variation.

• A deed of variation is a legal document that allows you to change a Will or, in the instance there is no Will, change how the intestacy rules operate and apply to the estate.

• It can be used to alter the distribution of assets, add beneficiaries, or make other changes to Will or Intestacy rules.

• The deed must be signed by all parties involved and witnessed for it to be legally binding.

• You should seek professional advice before making any changes, as there may be tax implications or other considerations that need to be considered.

• A deed of variation may also be used to reduce your inheritance tax liability by transferring some of your entitlement from one beneficiary to another.

• It is important that the deed is drafted correctly to meet all legal requirements and not create unintended consequences for any party involved in the transaction.

Why would someone want a variation?

Sometimes there is no valid Will or the Will is out of date because it had not been rewritten to reflect the changed circumstances of the deceased person at the time of their death. Or there is no Will at all and the Intestacy Rules mean that what should happen does not reflect what the deceased person would have wanted for how their estate is distributed.

A Beneficiary may prefer not to inherit everything they are entitled to because they wish to pass on some or all of what they are due to other individuals they may consider more deserving or so that everything is more in line with the wishes of the deceased person.

There may be Inheritance Tax (IHT) (and Capital Gains Tax (CGT)) advantages of making some tweaks to the situation resulting from the Will or intestacy.

When is a Deed of Variation required?

Any adult individual who has mental capacity and is entitled to benefit from a deceased person’s estate is free to inherit and give away their inheritance to whoever they choose. However, by making what is known as a Deed of Variation, the law allows the gift to be treated as if it was made by the deceased person directly from his rather than the intended recipient’s estate.

To qualify for the favourable tax treatment that may result from the changed inheritance, a Deed of Variation is needed. This allows the IHT and CGT position to be “read back” to the point of death provided certain formalities are followed.

Note: anyone affected by Forfeiture Rules, meaning they cannot inherit, is not allowed to nominate an alternative recipient. The inheritance goes back into the estate and is distributed under the terms of the WIll or the Intestacy as if the intended recipient had died before the deceased person.

Deed of Variation: Common Situations

If the Will or Intestacy Rules don’t reflect the wishes of the person who has died, it is possible to vary and make sure that the people and amounts inherited are what he or she would have wanted.

This can be especially helpful in the following situations:

Where there is no Will and no legal spouse or civil partner but a long-standing partner who would otherwise not automatically inherit anything; Where a Will fails to account and provide for children born after the date of the will; Children who haven’t been formally adopted before the death and are not provided for within either the Will or under the intestacy rules; Where a Will has been automatically revoked because of a marriage that has taken place after the date of the Will and so Intestacy Rules apply meaning that some people are not included as beneficiaries that might otherwise have benefitted; Where someone who is due to benefit is financially secure and would prefer to see that money be transferred to someone else including the next generation/s who have a greater need for the money. Where the intended Beneficiary has their own potential liability to IHT on their own death and wishes to avoid making lifetime gifts that might be added together with their other assets and gifts should they themselves die within 7 years.

Are there different rules to IHT in Scotland, Wales or Northern Ireland?

The rules regarding IHT are the same throughout the whole of the UK because most of the tax rules are not devolved, even though probate is dealt with differently in Scotland (slight difference in the allowance), where it is called ‘confirmation’ and probate in Northern Ireland. There are no differences between England and Wales in how probate is done.

What if the value of an inherited estate is below the Inheritance Tax threshold?

If you know, without any doubt, that the estate of the person who has died is significantly under the IHT threshold, we would still advise you to read through the rest of the information on this page in case other factors apply such as events during the lifetime of the person who has died.

Until the beginning of 2022, you still needed to complete an IHT 205 to prove to HMRC that no IHT needed to be paid. This form has now been abolished and you can just apply for the grant of probate/letters of administration.

Advantages & Disadvantages

An advantage of making a Deed of Variation is that any changes to the inheritance are treated “as if” the Will or Intestacy had made such gifts rather than the individual would-be recipients themselves.

If the Will or Intestacy Rules don’t reflect the wishes of the person who has died, it is possible to vary and ensure that the people and amounts inherited are what he or she would have wanted.

Tax Advantages

It may be tax advantageous to make a Deed of Variation to maximise the availability of exemptions and reliefs by rewriting who inherits what and how.

It might be that someone inherits who simply does not want to benefit but would like to give away their inheritance, without it being seen or treated from a tax point of view as if they had made the gift.

By making a Deed of Variation to gift something to a charity might not only better reflect the wishes of the deceased person but also reduce the rate of IHT.

Disadvantages

A Deed of Variation can only be made once concerning the same assets and therefore if it is wrong then there is no going back to rewrite it and correct it. You can’t vary a Deed of Variation covering the same assets or property. Care needs to be taken to make sure it is absolutely correct the first time and written with absolute clarity. Any ambiguity could be a costly mistake.

If there are creditors you cannot make one to divert money away from creditors , which includes if someone is in receipt of means-tested benefits. Such people must inherit to then have means-tested benefits and all associated benefits and support withdrawn. This can be both confusing and upsetting when they have become dependent upon this assistance. This is made worse when a little later they may then have to reapply when the money runs out. Often these can be vulnerable individuals who might be traumatised or vulnerable to predatory behaviour or other forms of theft when they receive a large inheritance.

A Deed of Variation can’t be made on behalf of someone who lacks capacity. A court would need to be involved which is costly and time-consuming. Sometimes people must inherit in a situation where they might be likely to be subject to predatory behaviour from others or simply not have the ability to manage money and therefore unless they agree the inheritance could quickly be spent or fall into the “wrong hands”.

Deed of Variation Process

A Deed of Variation is a legal document that must be entered into properly. It can be made any time before or after the Grant has been issued or even when the estate does not have to go to probate.

Anyone who wishes to vary their entitlement can join in the same Deed of Variation if they want to, but this is not necessary. Sometimes it is not practical for every person wishing to redirect their entitlement, to be available to sign the same document. Sometimes beneficiaries don’t wish others who are inheriting under the Will/Intestacy to know what they are doing and sometimes they choose to appoint different advisors and want to prepare their own Deed of Variation independently.

It is possible to have more than one Deed of Variation provided each one varies a different part of the Estate. Each does not have to have any reference to any other Deed. It is always a good idea to get the Executors or Administrators (PRs)s to sign the deed so they know how to correctly administer the Estate. However, strictly they only need to sign along with the beneficiary changing their entitlement if the IHT position is changed by the Deed. From a practical point of view, it is much easier and less prone to cause mistakes in the administration of the Estate if all changes are included within one document and the PRs are included as parties to the Deed.

There are strict formalities and a limited time period to make a Deed of Variation. These must be followed. Certain Elections need to be included to ensure any tax advantages are properly claimed. These are formal requirements to be included within the Deed of Variation itself. The parties to the Deed must make the Election “read back” to the date of death for IHT and CGT purposes using the correct wording and proper reference to the relevant sections of the law that apply. Without observing these formalities, the Deed cannot be properly read back and loses its tax advantages.

All parties to the Deed incorporating the Elections must sign, thereby agreeing to apply the law that enables reading back for IHT and CGT purposes. Failure to observe all the formalities will mean the document is not fully effective and therefore a waste of time and effort. Proper advice should be taken when considering making one.

Deed of Variation FAQs

Are solicitors required to complete a deed of variation.

This is such an important document and could easily go wrong. A properly qualified solicitor or legal professional, preferably a specialist and someone with a STEP qualification that indicates they are an expert in this area of law, should be involved to make sure there are no unintended consequences of doing a Deed of Variation.

They will also make sure that you completely understand its effect.

How much does a Deed of Variation cost?

This depends on precisely what you want to do and also how quickly you need it done. If you are close to the 2-year deadline you may have to pay a premium for the Deed to be done very quickly even though it may not be overly complex simply because the solicitor will need to drop everything to make sure it is correctly drafted and properly signed off by all parties within the time frame which is strictly applied.

The solicitor will let you know what the likely cost is once you have decided what it is you want to do.

You might want to simply divert your gift to the next generation, and this might be quite straightforward and not overly expensive unless you leave it to the last minute to instruct the Deed to be prepared!

However, if you want to create complex Trusts or give to children and/or vulnerable people there may be a greater cost. The costs will reflect the complexity of the advice which might include that relating to ongoing duties and obligations for trustees regarding registration of trusts and their administration.

A solicitor must give you a realistic estimate of the likely cost once they know what you wish to achieve.

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Deed of Assignment: Everything You Need to Know

A deed of assignment refers to a legal document that records the transfer of ownership of a real estate property from one party to another. 3 min read updated on January 01, 2024

Updated October 8,2020:

A deed of assignment refers to a legal document that records the transfer of ownership of a real estate property from one party to another. It states that a specific piece of property will belong to the assignee and no longer belong to the assignor starting from a specified date. In order to be valid, a deed of assignment must contain certain types of information and meet a number of requirements.

What Is an Assignment?

An assignment is similar to an outright transfer, but it is slightly different. It takes place when one of two parties who have entered into a contract decides to transfer all of his or her rights and obligations to a third party and completely remove himself or herself from the contract.

Also called the assignee, the third party effectively replaces the former contracting party and consequently assumes all of his or her rights and obligations. Unless it is stated in the original contract, both parties to the initial contract are typically required to express approval of an assignment before it can occur. When you sell a piece of property, you are making an assignment of it to the buyer through the paperwork you sign at closing.

What Is a Deed of Assignment?

A deed of assignment refers to a legal document that facilitates the legal transfer of ownership of real estate property. It is an important document that must be securely stored at all times, especially in the case of real estate.

In general, this document can be described as a document that is drafted and signed to promise or guarantee the transfer of ownership of a real estate property on a specified date. In other words, it serves as the evidence of the transfer of ownership of the property, with the stipulation that there is a certain timeframe in which actual ownership will begin.

The deed of assignment is the main document between the seller and buyer that proves ownership in favor of the seller. The party who is transferring his or her rights to the property is known as the “assignor,” while the party who is receiving the rights is called the “assignee.”

A deed of assignment is required in many different situations, the most common of which is the transfer of ownership of a property. For example, a developer of a new house has to sign a deed of assignment with a buyer, stating that the house will belong to him or her on a certain date. Nevertheless, the buyer may want to sell the house to someone else in the future, which will also require the signing of a deed of assignment.

This document is necessary because it serves as a temporary title deed in the event that the actual title deed for the house has not been issued. For every piece of property that will be sold before the issuance of a title deed, a deed of assignment will be required.

Requirements for a Deed of Assignment

In order to be legally enforceable, an absolute sale deed must provide a clear description of the property being transferred, such as its address or other information that distinguishes it from other properties. In addition, it must clearly identify the buyer and seller and state the date when the transfer will become legally effective, the purchase price, and other relevant information.

In today's real estate transactions, contracting parties usually use an ancillary real estate sale contract in an attempt to cram all the required information into a deed. Nonetheless, the information found in the contract must be referenced by the deed.

Information to Include in a Deed of Assignment

Names of parties to the agreement
Addresses of the parties and how they are binding on the parties' successors, friends, and other people who represent them in any capacity
History of the property being transferred, from the time it was first acquired to the time it is about to be sold
Agreed price of the property
Size and description of the property
Promises or covenants the parties will undertake to execute the deed
Signatures of the parties
Section for the Governors Consent or Commissioner of Oaths to sign and verify the agreement

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Deed of variation for commercial property.

When entering a lease, naturally you will negotiate and agree to terms that suit you at the time. You might find, however, as your business grows and circumstances change, there are aspects of the lease that need revisiting.

In this article, our commercial property solicitors introduce you to leasehold deeds of variation, common reasons modifications are made to leases, the process, costs and formalities involved. We also explore some important risk and compliance issues associated with deeds of variation.

What is a leasehold deed of variation?

Deeds of variation are legally binding documents that modify the terms of an existing lease between a landlord and tenant. Both parties agree to make changes to the lease, typically by adding, removing or altering specific provisions. This avoids the impracticality and costs of creating an entirely new lease to document revised terms. It is important to note that changes made by deed become permanent, enforceable terms of the lease that will apply to future landlords or tenants of the property.

Who can vary a lease?

Both the landlord or tenant can initiate the process to vary a lease and propose changes to the other party, but you must mutually agree any modifications ie neither party can unilaterally vary the lease. The deed of variation needs to be signed by both the landlord and tenant (and any other relevant parties) to come into effect.

Reasons for seeking a deed of variation on a lease

Whether you are a landlord or tenant, overtime your needs and objectives may evolve as market conditions and business priorities change. Alternatively, issues may crop up during the course of the lease that make some of the original terms unsuitable for your purposes.

By amending the original lease terms agreed, you can accommodate new circumstances and keep the lease commercially relevant. As such, varying the lease provides flexibility, continuity and stability for both parties. For instance, avoiding the need to exercise a break clause and move business location if the lease terms are no longer suitable.

Alterations and renovations to the property

During the course of the lease, you might find the need to alter or adapt the premises. It is common for modern leases to permit internal or non-structural alterations with the landlord’s consent. External or structural alterations on the other hand, are often absolutely prohibited. For permitted alterations, these are typically subject to the landlord’s consent (which is not to be unreasonably withheld). The lease may also impose conditions on the proposed works.

If the alterations you wish to carry out are in contravention of the lease, you and your landlord can agree to vary the lease terms by deed.

Other terms of the lease may also be impacted by the nature of the alterations / renovations you intend to undertake. For instance, if the proposed works change the use of the property permitted by the lease, this clause will also need to be amended by the deed.

Subletting or change of tenants

As we all know, business can be unpredictable, and you might need to consider selling your leasehold interest to another party or subletting at some stage. It is common for commercial leases to permit tenants to transfer their lease to another business (known as an assignment), subject to the landlord’s consent. Subletting on the other hand is more likely to be restricted.

As with alterations and renovations, the lease is likely to impose conditions on the sublet, such as the requirement for the subtenant to be of a particular financial standing. Your landlord is also likely to want to approve the terms of the sublease to ensure these do not conflict with any superior lease.

If the terms of your lease prohibit or restrict subletting of the property as you have planned, a deed of variation may be necessary.

Correcting errors in the original lease

Sometimes, errors or omissions may be discovered in the original lease agreement. These errors can range from typographical mistakes to omissions of important provisions. A deed of variation can rectify such errors, ensuring that the lease accurately reflects the original intentions of the parties involved.

Do you need a solicitor for a deed of variation?

While instructing a solicitor is not a legal requirement, it is very wise to do so. The law surrounding deeds of variation is complex and what might appear to be a straightforward variation at first can result in serious unintended consequences. You should therefore seek proper legal guidance from the outset. A specialist commercial property solicitor can help you:

determine whether a deed of variation is necessary in your specific situation, or if there is simpler way to achieve your objectives
assess the terms of your lease agreement and provide guidance on the appropriate steps to take to document the proposed variation
ensure any proposed changes protect and do not inadvertently affect your rights or obligations under the lease
highlight and navigate any pitfalls associated with deeds of variations such as the variation being deemed a surrender and regrant of the lease
ensure the deed is prepared and executed properly, and all formalities or registrations are taken care of

As you can see, legal knowledge and expertise is vital in commercial lease variations. The consequences of getting it wrong can be extremely costly and detrimental to your investment / business.

The process of obtaining a deed of variation

The process of obtaining a deed of variation typically involves the following steps:

Whether you are a landlord or tenant, once you have recognised and agreed the need to make changes to an existing lease, the first step is to seek independent legal advice from a specialist commercial property solicitor.
Your solicitor will conduct an initial assessment of the proposed change to determine whether a deed of variation is necessary at all. It may be the case that a licence or consent from the landlord covers your motives for seeking a variation. For example, if you wish to change the use of the premises, the lease may permit this subject to the landlord’s consent. This can be documented as a licence, which does not operate as a variation to the terms of the lease.

There may also be alternative, more appropriate ways to achieve your goals. For instance, if the arrangement is intended to be a personal concession to a current tenant or temporary in nature, it may not be appropriate to fundamentally change the lease binding any future landlords or tenants. A side letter from the landlord could address such a change.

if a deed of variation is deemed appropriate, your solicitor will identify what addition, deletion or amendment is required to the lease terms to give effect to the variation (if not already agreed between the parties).
it is likely that there will be negotiations to agree the exact terms of the variation, before the deed is drawn up for comment and approval by the elected solicitor.

Submitting the deed of variation

Before finalising the deed of variation, it is important to obtain consents from any relevant parties, such as superior landlords or mortgagees, before proceeding. This may involve submitting a formal request for consent, providing them with a copy of the proposed deed of variation, and allowing them sufficient time to review and respond. Along with the deed of variation, you may need to submit additional supporting materials, such as:

a copy of the original leasehold agreement to provide context and reference to the existing terms and conditions
Land Registry documents if the property is registered, such as the title deeds or official copies
any updated plans or drawings that illustrate the changes proposed in the deed of variation
sworn statements verifying certain facts or circumstances related to the variation

Timelines can vary depending on a number of factors, including the complexity of the proposed changes, the number of parties involved, and their responsiveness. It is advisable to initiate the consent process as early as possible to allow for sufficient time for review, negotiation, and obtaining the necessary approvals. Communicating clearly and promptly with the involved parties can help expedite the process.

How much does a deed of variation cost?

The fees payable for a deed of variation can vary depending on the specific circumstances involved. In some cases, landlords may request an upfront fee for considering initial enquiries made by the tenant into a purported variation. It is not uncommon for some landlords to charge a premium to vary the lease.

Then there are Land Registry fees for registering a variation to a registered lease, which is based on the value of the leasehold interest being varied. This does not include legal fees for negotiating, preparing and executing the deed, which are an additional cost.

Does a deed of variation need to be registered?

A variation is not in itself considered to be a ‘disposition’ under the Land Registration Act 2002, ie it is not a creation or transfer of interest in land that requires formal registration. That said, it is advisable and common practice to register or note the deed against the landlord and / or tenant’s registered title. In particular, registering the deed can help:

ensure accuracy, particularly when reviewing the leasehold title, which needs to be read together with the lease
establish priority over subsequent interests or claims that may arise in relation to the property
notify interested parties searching the Land Registry of the variation and its impact on the lease terms, such as future buyers or tenants

If the lease is unregistered or is for less than 7 years, both parties should endorse a memorandum of the variation on the lease and counterpart. This provides a warning to parties investigating the terms of the lease in the future that variations have been made to the original.

Risk and compliance issues

If you are a landlord, it is important that you consider both the immediate and long-term implications of varying the lease. Changes made through a deed of variation are binding, and they may affect your ability to negotiate future lease terms or property transactions.

One of the main pitfalls you want to avoid is the variation being deemed as a surrender and regrant of the lease. This happens when a variation results in extending the lease term or additional property is added to its demise. Although it is a problem for both parties, landlords may inadvertently lose some important controls and protections if appropriate action is not taken. In particular:

If the existing lease was contracted out of security of tenure provisions, this would not carry through to the regranted lease. This means the tenant will gain a legal right to remain in the property after the expiry of the regranted lease, even though this is not what was originally intended.
The deemed surrender also results in releasing any former tenants and their guarantors from their liabilities under the original lease terms.

These potential pitfalls can significantly impact the value of your interest in the property, and any plans to sell in the future.

Costs of obtaining the deed

In addition to legals, there may be other costs associated with obtaining the deed. These will largely depend upon the specific circumstances and nature of the variation, but can include:

Consents: the freeholder or landlord of any superior lease and any lenders or charge holders may require payment for providing their consent to the variation.
Valuation: in some cases, a valuation may be required to determine the impact of the variation on the property or rent.
Surveyor: with some types of variation, for example a deed of variation for a lease plan, a surveyor must be employed to prepare a Land Registry compliant plan.

Who typically pays for the associated costs?

Associated costs can be borne by either party, however, will most likely land on the party who initiated the variation. More often than not, this is the tenant, particularly when it comes to seeking alterations or to sublet the property. Landlords often require that the tenant cover their legal costs in these circumstances.

Stamp duty implications

Stamp Duty Land Tax (SDLT) may be applicable if the deed of variation:

includes the payment of a premium or any other consideration
results in an increase in the rent payable under the lease
is deemed a surrender and regrant of the lease, which triggers SDLT liability

Ensuring compliance with leasehold terms

It is important to check whether the addition, deletion or amendment of existing terms impacts on the remainder of the lease. This requires careful review and consideration of the lease as a whole, ideally by an experienced legal professional. Conflicting terms may lead to complications further down the line.

Avoiding disputes and legal complications

The best way to avoid issues is to follow a careful and thorough process, starting with seeking specialist legal input. A knowledgeable property solicitor will take into consideration the commercial and practical realities of the proposed variation, and tailor their advice to set you up for the best possible chances of success.

Another important step is to consider the interests of all parties interested in the property / lease beyond just the landlord and tenant. Obtaining consents and signatures from guarantors or mortgagees can easily be overlooked but cause issues. Likewise, communicating with and notifying insurers or property managers of the variation to the lease enables a smooth process for completeness.

Further steps to take include:

Registering the variation at the Land Registry so that a public record of the changes is on notice for anyone interested in dealing with the property and your interests prioritised.
Maintaining accurate records: keep copies of all correspondence, agreements, and the executed deed of variation in a secure and easily accessible location. These records will be essential if any disputes arise in the future.

Can a deed of variation be challenged?

Once you have completed the process of varying your lease, ideally (and in most cases) you can continue business as usual on the revised terms. While it is possible to challenge the validity of a deed of variation, whether such a challenge will succeed depends very much on the specific circumstances. As with any other deed, its validity can be called into question as a result of:

Improper execution – this could involve issues such as the absence of required signatures or the failure to follow specific witnessing instructions.
Lack of consent – if it can be shown that one of the parties did not give their informed consent to the variation. This could be because they were pressurised or coerced into signing. If the variation significantly disadvantages or alters the rights or obligations of one party without proper justification, this is also indicative of consent issues .

In conclusion, deeds of variation are a useful tool that provide flexibility in leasing arrangements. If done correctly, you can adapt the lease terms as your circumstances change. At the same time, leasehold variations have their fair share of potential risks and complications. Employing the services of an experienced commercial property solicitor is key to avoiding costly mistakes.

Here at Harper James, our highly experienced team of commercial property lawyers are experts in dealing with commercial lease variations. We can help you negotiate terms that respond to the needs of your current and future business, while protecting your rights and Interests at all times.

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What Is Probate & How Does It Work?

Deed Of Variation (Changing A Will After Death)

A deed of variation, sometimes called a deed of family arrangement, allows beneficiaries to make changes to their entitlement from a Will after the person has died.

You might want to do this if you don’t need all your inheritance and would like it to go to someone else. It can also help minimise inheritance tax.

Beneficiaries can only amend their own share of the estate. Sometimes other people, such as executors or other beneficiaries, also need to agree if they’re affected by the change. Here we’ve answered some of the common questions people have about what you can and can’t do with a deed of variation.

What Is A Deed Of Variation?

Why would i need to change a will after death, what changes can i make, what changes can't i make, what do i need to consider when making a deed of variation, is there a deadline.

What If There Isn’t A Will?

Can I Use A Deed Of Variation To Change Executors?

Can a deed of variation help minimise inheritance tax.

Why Choose Irwin Mitchell?

If you’ve got a question we haven’t covered here, or you’d like some advice about changing a Will, our team will be happy to help you. Call on 0370 1500 100 or fill out our online form and we’ll call you back.

While you can’t rewrite someone’s Will after they’ve died, the law does let you change what you’re entitled to from the estate. This is to allow flexibility in case circumstances have changed since the Will was written.

You can do this with a document called a deed of variation, alternatively known as a deed of family arrangement or deed of disclaimer.

This deed of variation details exactly how you want your part of the estate to be distributed instead. You only have the power to change your own share of the estate. If other people’s shares of the estate will be affected, they need to agree the changes as well. Other people like executors, or charities, might need to be involved too.

You can also use a deed of variation when someone has died without leaving a Will. We cover this in more detail below .

Everyone’s circumstances are different, but some of the main reasons you might want to change a Will include:

You don’t need all of your share and want it to benefit someone else
You’d like your inheritance, or part of it, to go to charity
The Will doesn’t include children or grandchildren who were born after it was written
As a family you’d like to even things out for all beneficiaries – for example, if one child has been left a smaller part than the others
There’s a more tax-efficient way to distribute the estate.

This is not an exhaustive list and the particular reasons will be unique to you and your family.

If you’re thinking about changing someone’s Will with a deed of variation, our team is happy to help talk you through your options. Call today on 0370 1500 100 or fill out our online form and one of us will be in touch.

You are only allowed to make changes to your own share of the inheritance – the exact terms can be tailored to be as simple or complex as you need them to be. You might want to:

Redirect specific assets to different people
Give away your whole entitlement
Set up a trust.

The person you give your entitlement to doesn’t have to be named in the Will already.

Although you can only change your own entitlement, deeds of variation are often used to change the distribution of an estate to benefit everyone. This means all the beneficiaries might decide between themselves how each other’s shares should be altered.

A deed of variation can’t be used to:

Change other people’s inheritance without their consent
Give yourself a larger share of the estate (unless it’s being gifted by another beneficiary who agrees to it)
Change executors or guardians named in the Will.

If you’re having issues with an executor – the person charged with administering the estate – we can help you take action to resolve your dispute. Visit our page on Challenging The Executor Of A Will .

When putting together a deed of variation it’s important to consider the effect on the estate as a whole. Reducing your share, for example, may mean the executors become liable for more inheritance tax, so they would need to agree too.

Before making any changes, it’s essential that everyone understands the potential consequences and, where necessary, agrees to everything that is proposed. Potential problems could arise if one of the beneficiaries either doesn’t consent or isn’t legally able to – for example if they are still a minor.

If you’re trying to work out the best way to structure a deed of variation or are facing problems with other beneficiaries, our team will be able to advise you on the best way forward. Call us today on 0370 1500 100 or fill out our online form and we’ll call you back.

You can make changes either before or after the executor gets the grant of probate to start administering the estate. For tax reasons, however, any changes must be made within two years of the person’s death.

What If There Isn't A Will?

If someone dies without a valid Will, they are said to be intestate and the rules of intestacy will apply to their estate. These rules are quite rigid about who can inherit and how much they receive, and don’t necessarily reflect the complexity of most family circumstances.

You can also use a deed of variation to change how the estate has been divided up under the rules of intestacy, just as you would with a Will. The beneficiaries may choose to alter their entitlement in order to:

Provide for someone not covered by the rules, such as unmarried partners
Distribute the estate more evenly between them
Mitigate inheritance tax

Find out more about what happens when someone dies without a Will .

No, you can only use a deed of variation to change how the estate is distributed. You can’t use it to remove or replace an executor.

If you’re having issues with an executor, or the named executor doesn’t want to take up their duties, we can help. Visit our page on Challenging The Executor Of A Will for more information.

While deeds of variation are useful for many different reasons, they can often be an effective way of reducing both inheritance tax and capital gains tax liability.

You can adjust the distribution of someone’s estate to make it more tax-efficient. For example, by:

Making the best use of available reliefs and exemptions
Spreading large amounts out more evenly between beneficiaries
Passing your inheritance straight to your children so that they receive the full benefit
Donating to charity

A deed of variation does not mean you avoid tax, but it can be a way for the loved ones of the deceased to take advantage of tax reliefs and make the most of their estate.

Any changes made in the deed of variation will be treated as if the deceased had written them into the original Will. The executor will need to provide a copy of the deed to HMRC so that the estate can be taxed correctly.

If you want to use a deed of variation to help reduce tax, it’s essential to get expert legal advice to make sure you’re doing what’s best for the estate. Call our team for advice on 0370 1500 100 – or fill out our online form and we’ll get back to you.

Why Choose Irwin Mitchell

While you can write a deed of variation yourself, we don’t advise this: there may be complex legal and tax implications if you don’t get it quite right.

Our expert Tax, Trusts and Estates team has years of experience helping people change a Will after someone’s death. We can advise you on the best course of action no matter how simple or complex your requirements.

We’re recognised by leading legal guides such as Chambers and Partners and the Legal 500, and regularly receive five star reviews from our clients on review sites such as Trustpilot.

We understand that everyone’s circumstances are unique. We’ll work with you to understand exactly what you want to achieve and find the best way to do this.

If you have questions about making a deed of variation, we’re happy to help. Get in touch on 0370 1500 100 – or fill out our online form and we’ll call you back.

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Deed of Variation

Call us 0808 304 7471

Why might you need a Deed of Variation?

You may need a Deed of Variation (or a ‘deed of family arrangements’) if circumstances have changed since a Will was made.

Perhaps you would like to:

Share your entitlement with another person not named in the Will. For example, a child who was born after the Will was made.
Share the estate more fairly amongst beneficiaries.
Minimise Inheritance Tax (more below).

There are other reasons why you may wish to have a Deed of Variation. All family circumstances are different. Sometimes all the beneficiaries of a Will decide together that an estate should be distributed in another way. In this case multiple deeds will be created.

If somebody has died without making a Will you can use a Deed of Variation to share their estate more fairly. When a person dies without a Will, they are said to have died intestate. The rules of intestacy are very specific and not always beneficial to family members.

Get in touch

Contact our expert team today and receive your free initial assessment

Call 0808 304 7471

Who can apply for a deed of variation.

Only the beneficiaries of a Will can apply for a Deed of Variation.

How do you change a Will after death?

A Deed of Variation only allows a beneficiary to change their own entitlement in a Will. If the changes will affect other beneficiaries, then their permission is required.

Changes need to be made no more than 2 years after the person who made the Will has died.

If the Deed of Variation means there is more Inheritance Tax to pay, a copy must be sent to HMRC within 6 months.

What cannot be changed in a Deed of Variation?

A beneficiary cannot rewrite somebody’s Will after they have died by making changes to other people’s inheritance or changing the executors named in the Will.

The only exception is when a Will is proved to be invalid. There are specific grounds for contesting a Will, and our solicitors can advise you.

How can a Deed of Variation minimise Inheritance Tax?

A Deed of Variation can be used to reduce both Inheritance Tax and Capital Gains Tax. This can be done by sharing the estate in a more tax-efficient way by:

Sharing large sums of money and assets more evenly.
Making a gift to charity.
Passing a share straight onto children.
Considering the reliefs and exemptions that are available and making the best use of them.

Our solicitors can advise you on the best way to reduce tax so your loved one’s receive the maximum inheritance.

Why use a solicitor to make a Deed of Variation?

You can create a Deed of Variation without a solicitor. However, it is best to seek legal advice. If you make a mistake you may pay extra tax and there might be unforeseen legal implications.

Our solicitors are experienced in helping people to change a Will after death. We can advise you on all your options so you can decide the best course of action for your family.

Have any questions or need any help?

Our team of specialist lawyers are experts in their field. Be confident in their advice and decisions to help get the right outcome for you. Contact us today to see how we can help

Call us on +44 0808 304 7471

Deed of variation

Published by a lexisnexis commercial expert.

style="caps">This Deed is made on [ date ]

[ insert name of party ] [ of OR a company incorporated in [ England and Wales ] under number [ insert registered number ] whose registered office is at ] [ insert address ] ( Party A ); [ and ]

[ insert name of party ] [ of OR a company incorporated in [ England and Wales ] under number [ insert registered number ] whose registered office is at ] [ insert address ] ( Party B ) [ , OR ; and ]

[ [ insert name of party ] [ of OR a company incorporated in [ England and Wales ] under number [ insert registered number ] whose registered office is at ] [ insert address ] ( Guarantor ), ]

each of [ Party A and Party B OR Party A, Party B and the Guarantor ]

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WILLS > Guides

What is a Deed of Variation (change your inheritance in a Will)?

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A deed of Variation allows a beneficiary to change a Will retrospectively.

A deed of variation is a legal document used by the beneficiary of a will to effectively retrospectively change the will under which they have benefited. It allows the beneficiary to divert part or all of their inheritance (from the will) to alternative beneficiaries. The effect of a deed of variation is that the altered gift is deemed to have been made by the deceased, NOT the recipient beneficiary.

Who enters into a Deed of Variation?

The beneficiary who is giving up and entitlement will execute the deed of variation. This might of course be more than one beneficiary – for example where a share of residue is being varied that relates to more than one beneficiary.

Change entitlement to a Will

In short, a deed of variation allows you to retrospectively change the terms of the will of the deceased. You can only change the bit of the will that you were entitled to as a beneficiary.

Can an Executor change the terms of a Will?

Yes, if they are a beneficiary, but strictly speaking they would then be varying the will with their ‘beneficiary hat’ on, not their ‘executor hat’.

Indirectly (and on a very technical point) executors (or more particularly trustees) may have a discretion to execute trusts that arise in the will, and thereby decide who gets what! This is particularly so with discretionary will trusts.

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Do I need a Deed of Variation of the Will?

That all depends on your particular circumstances, and why you are changing the terms of your entitlement to the estate of the deceased. It is often for Inheritance Tax (IHT) purposes, and this is where a deed of variation may be required.

Per se, once you have received your inheritance, you can gift to whomever you want whenever you want – just as you would any of you own money that you had accrued from any source. It is not a requirement in law that you execute a deed of variation.

Who can I vary a Will for?

There are no restrictions on this. The ‘replacement beneficiary’ (ie the persons or charities you choose to take instead of you) can be whoever you choose.

Varying a Will might impact your own tax (for better or worse).

Can I vary a fixed Cash Legacy?

Yes, you can vary any element of an estate that you stand to benefit from – including fixed cash legacies .

Can I vary an entitlement to Residuary Estate?

Again yes, you are free to vary your entitlement to any element of a will of which you were set to benefit – including a share of the residuary estate .

How long to do a Deed of Variation?

To claim the benefit of a Deed of Variation you must execute it within 2 years of the death of the testator (the person who made the will).

Why would I want a deed of variation?

The main purpose of a deed of variation is to ensure that the gift is deemed to be made from the estate of the deceased as if there will had been written in the terms of your variation (as a beneficiary) in the first place.

By doing so, it is never deemed to have been part of your own potential estate – which is relevant for your own estate planning purposes (see PETs below).

What is a Potentially Exempt Transfer (PET)?

If you make a gift of an inheritance without a deed of variation, it may be taxable for IHT purposes if you then die yourself within 7 years of the gift. This may have all sorts of IHT implications, like it being taxed twice (ie under the estate of the first person to die, along with the estate of the beneficiary).

PETs invariably ‘fall away’ 7 years after death, and so become forgotten. In that 7 year window, IHT is paid on a reducing sliding scale.

So, in short, one critical benefit of a deed of variation is that it prevents any gift on that you make being a PET – even if you die yourself within 7 years (as it will be deemed to have come from the first estate).

Are there other Tax benefits of a Deed of Variation?

Yes, and again these will perhaps be dependent on your own tax status. For example, if assets pass via your potential estate and out as a lifetime gift (PET) you may trigger things such as capital gains? This is generally avoided with a deed of variation as the assets are deemed to have passed directly from the estate of the testator, to the ‘replacement beneficiary’.

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Deed of Assignment vs Novation: A Comprehensive Guide

Home > Uncategorized > Deed of Assignment vs Novation: A Comprehensive Guide

April 17, 2023

Deed of assignment and novation are two legal tools used to transfer contractual rights and obligations from one party to another. While both serve similar purposes, they differ in their implications and the extent of the transfer of rights and obligations. In this comprehensive guide, we will explore the key differences between the deeds of assignment and novation and provide insights into their respective uses.

Deed of assignment and novation.

In the world of legal contracts, there are various tools available to transfer rights and obligations from one party to another. Two commonly used tools are deeds of assignment and novation. Both legal tools allow parties to transfer rights and obligations under a contract, but there are some differences between them.

A deed of assignment is a legal document that transfers the rights and obligations of one party to another party. It is often used in situations where one party wants to transfer its rights or obligations under a contract to another party without changing any other terms of the original contract. For example, if a homeowner wants to transfer their rights and obligations under a construction contract to a new contractor, they can use a deed of assignment to do so.

On the other hand, novation is a legal mechanism that allows parties to transfer both the rights and obligations of one party to another, and simultaneously replace one party in the original contract with a new party. In other words, novation replaces one party to the contract with another party, whereas a deed of assignment does not replace any party to the contract.

Novation is commonly used in situations where there is a change in ownership of a business or where a contractor wants to transfer its contractual obligations to a subcontractor. The novation process involves three parties: the original parties to the contract, the incoming party who will take over the obligations, and the outgoing party who will be released from their obligations.

In the following sections, we will delve deeper into the differences between the deeds of assignment and novation and explain how each legal tool works in practice.

Differences Between Deed of Assignment and Novation

When it comes to transferring rights and obligations under a contract, two legal tools commonly used are deeds of assignment and novation. Although both mechanisms involve the transfer of rights and obligations, they differ in various aspects, including the impact on the original contract and the consent required from the involved parties.

Rights and Obligations

Under a deed of assignment, the assignor transfers their rights and obligations to the assignee, but the original contract remains in force. In contrast, novation involves the creation of a new contract in which the original contract is extinguished, and a new contract is formed between the transferor, the transferee, and the obligor.

Original Contract

A deed of assignment does not affect the original contract between the assignor and the obligor, and the obligor must still perform their obligations to the assignee. In contrast, novation extinguishes the original contract, and the obligor’s obligations are owed to the transferee under the new contract.

New Contract or Deed

A deed of assignment does not require the creation of a new contract or deed, as the original contract remains in force. However, novation requires the creation of a new contract or deed, as the original contract is extinguished.

Consent Requirements

For a deed of assignment to be effective, the assignor must provide notice of the assignment to the obligor, but the obligor’s consent is not required. In contrast, novation requires the consent of all parties involved, including the transferor, the transferee, and the obligor.

It is crucial to understand the differences between a deed of assignment and a novation to choose the appropriate legal tool for transferring rights and obligations. Consider seeking legal advice before deciding which mechanism to use.

Novation in Detail

Novation is a legal process that transfers rights and obligations from one party to another. It differs from a deed of assignment in that it involves the substitution of a new party for an original party, rather than just the transfer of rights.

How a Novation Works

Novation requires the consent of all parties involved, including the new party that is taking on the rights and obligations. The process involves the following steps:

Agreement: The parties involved must agree to the novation and the terms of the new arrangement.
Documentation: A novation agreement must be drafted and signed by all parties involved.
Communication: All relevant parties, such as banks or insurers, must be informed of the novation and give their consent.
Implementation: The novation takes effect once all parties have signed the agreement and the necessary documentation has been completed.

Advantages and Disadvantages of Novation

There are several advantages to using novation in various situations, such as:

It allows for the substitution of parties without the need for a new contract.
It can simplify complex contractual arrangements.
It can allow for a transfer of obligations to a party better equipped to fulfil them.

However, novation also has some potential drawbacks, such as:

It requires the consent of all parties involved, which can be difficult to obtain.
It can result in the loss of important rights or benefits for the original party.
It can be more expensive and time-consuming than other legal tools.

Examples of Novation

Examples of novation include:

When a new contractor takes over a construction project from the original contractor, assuming all the rights and obligations under the original contract.
A subcontractor is working on a construction project for a main contractor. The subcontractor wants to assign the contract to another subcontractor due to financial difficulties. The main contractor agrees to novate the contract to the new subcontractor, who then takes over the subcontractor’s obligations and responsibilities.
An engineering firm is contracted by a city to design and construct a new road. The engineering firm decides to sell the design and construction contract to another firm. The city agrees to novate the contract to the new firm so that the new firm can complete the project.
A supplier has a contract with a contractor to supply building materials for a construction project. The supplier decides to sell the business to another company. The contractor agrees to novate the contract to the new company so that the new company can fulfil the supplier’s obligations under the contract.

Assignment in Detail

When a party to a contract transfers their rights and obligations to a third party, this is referred to as an assignment. The process of assignment is less complex than that of novation, as it does not require the formation of a new contract. Instead, a contract that already exists between two parties is simply transferred to a third party. Here are some details of the assignment:

How an Assignment Works

The process of assignment generally involves the following steps:

The original parties to the contract must agree to the assignment.
The assignor (the party transferring their rights and obligations) must provide written notice of the assignment to the other party.
The assignee (the third party taking over the rights and obligations) must accept the assignment in writing.

Advantages and Disadvantages of Assignment

Like novation, assignment has its advantages and disadvantages. Some of the benefits of using assignment include:

Flexibility: Assignment is a more flexible process than novation, as it doesn’t require the formation of a new contract.
Simplicity: The process of assignment is less complex and less time-consuming than that of novation.

However, there are also some disadvantages to using assignment:

No release from liability: Unlike novation, assignment does not release the assignor from their obligations under the original contract.
Lack of control: The original party to the contract may be concerned about losing control over who they are dealing with if an assignment takes place.

Examples of Assignment

Here are some examples of assignments in the construction industry:

A subcontractor assigns their right to receive payment for their work to a third party, such as a lender, to secure a loan.
A contractor assigns their right to receive payment from the owner to a supplier or vendor to pay for materials or equipment used in the project.
A developer assigns their right to receive payments from buyers of individual units in a development to a lender to secure financing for the project.
A contractor assigns their right to receive payment from the owner to a joint venture partner to share the risk and reward of the project.
An owner assigns their right to receive payments from a contractor to a surety to secure a performance bond for the project.

No Assignment Clauses in Construction Contracts

No assignment clauses are common in construction contracts and can have significant implications for both parties involved. These clauses prevent the transfer of rights or obligations to a third party without prior consent from the other party. In the context of construction contracts, the party with the most interest in such clauses is the Principal, who is usually the owner of the project.

Purpose of No Assignment Clauses

There are several reasons why Principals include no assignment clauses in construction contracts. These include:

Maintaining control: By preventing the assignment of rights and obligations, the Principal maintains control over the project and ensures that all decisions and actions are made by the original contracting parties.
Protecting interests: No assignment clauses can help protect the Principal’s interests by preventing the transfer of obligations to a third party who may not have the same level of expertise or resources as the original party.
Avoiding conflicts: No assignment clauses can prevent conflicts that may arise from a change in the parties involved in the contract.

How to Negotiate a No Assignment Clause

If a Principal wishes to include a no assignment clause in a construction contract, they should be prepared to negotiate this with the other party. Here are some tips for negotiating a no assignment clause:

Be clear about the reasons for the clause: The Principal should explain their reasons for including the no assignment clause and how it will benefit both parties.
Consider exceptions: The Principal should consider including exceptions to the no assignment clause, such as allowing assignment with prior written consent or in the event of a sale of the business.
Be reasonable: The Principal should ensure that the no assignment clause is reasonable and does not unfairly restrict the other party’s ability to conduct their business.
Seek legal advice: Both parties should seek legal advice before finalising the contract to ensure that the no assignment clause is enforceable and does not contravene any laws or regulations.

No assignment clauses are an important consideration in construction contracts and should be negotiated carefully to protect the interests of all parties involved.

In conclusion, both deeds of assignment and novation are important legal tools that allow for the transfer of rights and obligations in a contract. However, they differ in terms of the impact on the original contract, the need for a new contract or deed, and the consent requirements of involved parties. It is important to carefully consider the specific circumstances and objectives of the parties involved before choosing the appropriate legal tool.

In the case of construction contracts, no assignment clauses play a crucial role in protecting the interests of Principals. They ensure that the Principal has control over who performs the works and avoids having to work with an unknown or untested contractor. Principals must understand the purpose of no assignment clauses and negotiate them carefully to ensure that their interests are protected.

Ultimately, seeking legal advice is recommended when deciding which legal tool to use or negotiating the terms of a contract. A lawyer can provide guidance on the best course of action and ensure that the parties involved are aware of their rights and obligations.

Embarking on becoming an owner builder in New South Wales (NSW) presents a unique set of financial challenges and opportunities. This in-depth manual aims to clarify the crucial economic and cost-related topics that any prospective owner builder should understand. With a focus on owner builder financial planning, our goal is to provide you with the tools and knowledge to navigate the financial landscape of your project with confidence. You can ensure your project meets and exceeds your goals by being aware of the costs involved, using efficient budgeting techniques, and being ready for any financial roadblocks.

Imagine the luxury of diving into your swimming pool on a hot summer day, right in your backyard. The joy of hosting pool parties or enjoying a quiet swim is unmatched. Residents of New South Wales thinking about taking on the project on their own must first familiarise themselves with the prerequisites for an owner builder licence. Only then can their dream home be built. In this comprehensive tutorial, we will explore the steps necessary to become a licensed owner builder in New South Wales, with a particular emphasis on building pools. This article will give you helpful information to help you through the process, whether you’re in New South Wales or considering a comparable project in Queensland.

In New South Wales, the journey towards building your dream home can take an exciting turn when you decide to become an owner builder. This choice allows you to oversee your construction project directly and presents a unique chance to tailor your home to your requirements. However, the path of an owner builder is filled with responsibilities, requirements, and rewards. This article explores the fundamentals of being an owner builder in New South Wales, offering a new viewpoint and priceless information to anyone considering this fulfilling pursuit.

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Deed of variation template

Use this deed of variation template next time you want to update a business contract.

If you need to alter a contract that's already been executed, you don't have many options. This is where a Deed of Variation can help.

Use this detailed guide to find out what a Deed of Variation is, how it works, and what a Deed of Variation template should include.

What is a Deed of Variation?

A Deed of Variation (DoV), also known as a Deed of Amendment or Deed of Change, is a legal instrument that allows modifications to be made to a previously settled contract or agreement . It's a flexible tool that can be used to modify various kinds of contracts, from business agreements to personal contracts, without terminating or fully rewriting the original agreement.

In many countries, the most common application of a Deed of Variation is to alter an individual's will after their death.

What is the purpose of a Deed of Variation?

The primary purpose of a Deed of Variation is to enable changes to a pre-existing contract without completely rewriting or terminating the original agreement.

It provides a legal and formal method to modify agreements in response to changes in circumstances; to correct errors; or to add or remove terms based on the parties' changing needs. This flexibility helps maintain the relevance and efficacy of the original contract.

When would I use a Deed of Variation template?

You might need to use a Deed of Variation in several scenarios, such as:

Changing contract terms : for example, if the parties involved wish to amend certain clauses or conditions of a pre-existing contract without altering its core. ‍
Adapting to new circumstances : for example, if unexpected situations occur that were not previously accounted for in the initial agreement. ‍
Correcting mistakes : for example, if errors or omissions in the original contract need to be corrected. In the case of probate, this might be to extend inheritance to someone who wasn't included in the original will.

Who would draft a Deed of Variation?

Usually, a Deed of Variation is created by a legal professional or a party to the original agreement who has the authority to make changes.

In a business context, this could be a legal officer, contracts manager, or anyone else responsible for managing legal documents within the organization.

In a personal context, like a Deed of Variation to amend a will, the beneficiaries , as well as any parties affected by the change to the will, would likely need to sign the Deed of Variation too. You should always seek legal advice in situations like these.

What to consider when drafting a Deed of Variation template

Drafting a Deed of Variation requires precision and attention to detail. Here are some key points to consider:

Specify changes clearly : The amendments should be clearly articulated, leaving no room for ambiguity. In the case of probate , altering inheritance can be an emotive issue so it's important to strive for clarity. ‍
Maintain original contract integrity : Ensure that the original contract's essence is preserved, and the changes don't conflict with its fundamental purpose. ‍
Mutual consent : All parties involved should agree on the proposed changes. This agreement should be made plain in the contract itself. ‍
Legal compliance : The variations should comply with the law and should not infringe upon any party's rights.

What does a Deed of Variation include?

A well-drafted Deed of Variation template should include the following elements:

1. Title and introduction

‍ The document should have a clear title that indicates its purpose, followed by an introductory paragraph identifying the parties involved and a reference to the original agreement being modified.

2. Details of the original agreement

‍ This section should detail the original agreement's date , parties involved, and its main purpose. It should also include a statement that all parties wish to vary the agreement.

3. Specific variation clause

‍ The changes to the contract should be detailed comprehensively in this section. It's important to be explicit about which clause(s) or section(s) of the original contract are being modified, added, or removed.

4. Unaffected provisions

‍ This section should clarify that all terms and conditions not explicitly varied by the Deed of Variation continue in full force and effect, maintaining the validity of the original agreement.

5. Governing law and jurisdiction

‍ It's important to state the governing law of the Deed of Variation. This is typically the same as the original agreement unless otherwise agreed by the parties.

6. Execution clause

‍ This is where the parties sign the document. It's crucial to include a space for each party's signature, printed name, title, and the date of signing. The execution clause should also specify that the parties are signing the deed voluntarily and intend to be legally bound by it.

7. Schedule or appendix (if needed)

I f the variations are extensive or if additional documents are referenced in the Deed of Variation template, it's practical to include a schedule or appendix.

Remember, the precise content of a Deed of Variation can differ depending on the nature of the original agreement and the specific changes being made. Always consult with a legal professional to ensure your Deed of Variation meets the necessary legal and contractual requirements for your particular situation.

How are Deeds of Variation usually managed? ‍

1. identify of the need for variation.

‍ The first step is identifying the need for a change in the agreement. This could stem from changes in business circumstances, a need to correct errors in the original agreement, or a desire to add, alter, or remove specific clauses.

2. Consult all parties

‍ Once the need for a variation is identified, all parties to the agreement should be consulted. This is to ensure everyone is in agreement about the proposed changes and to discuss the implications of the variation. If you fail to do this early on, you'll probably find yourself with a Deed of Variation that the counterparty refuses to sign.

3. Draft the Deed of Variation template

‍ The next step is to draft the Deed of Variation template. This document will reference the original agreement and detail the precise changes being made. It must be drafted with precision and clarity to prevent any misinterpretation.

It also needs to make sure all of the components we described above are present, which is why it's worth using a deed of variation template .

4. Negotiate the new terms

‍ The draft Deed of Variation is then circulated to all parties for review. It's often shared via email as a static file, downloaded, redlined in Word , and sent back and forth until the revisions are agreed. This can involve multiple rounds of feedback and negotiations to reach a consensus on the changes.

5. Get legal's approval

‍ It's a good practice to have the document reviewed by a lawyer or a legal expert. This is also known as contract review and approval . Legal teams can ensure the deed is legally sound, that the changes are enforceable, and that it doesn't violate any laws or regulations.

6. Sign the Deed of Variation

Once all parties agree to the changes, the Deed of Variation is signed and dated. This is a crucial step, as the signing of the document makes the changes legally binding. This was traditionally done using wet ink signatures , or scanned signatures . Today, most businesses rely on eSigning solutions like DocuSign or Adobe Sign instead.

7. Share the signed copy

Copies of the signed Deed of Variation are distributed to all parties for their records. This is important for transparency and future reference. It also helps to ensure that parties perform the revised terms of the agreement, not the old ones.

8. Store the document

‍ The original signed Deed of Variation is stored securely, often in a physical file or as a scanned copy on a secure server. It's important that the document is easily retrievable for future reference or in case of any disputes .

9. Implementation and monitoring

Your work isn't finished post-signature . The changes made by the Deed of Variation are then implemented. The effectiveness of these changes should be monitored to ensure they're achieving the desired outcome.

But a manual process like this can be labor-intensive and time-consuming, especially for complex agreements or where multiple parties are involved. Fortunately, automated contract management systems , like Juro, can streamline this process significantly, enabling quicker turnarounds, greater accuracy, and easier tracking of changes. Let's explore this improved workflow now.

How to automate Deeds of Variation from templates

Juro's AI contract collaboration means you don't have to copy and paste from PDF templates. Instead you can automate contracts like Deeds of Variation in moments from digital templates. This can simplify and streamline the process of creating and managing routine contracts. Here are the key features.

1. Automated contract templates

In Juro's unique editor, purpose-built for contracts, you can create robust contract templates which can then be used to automate agreements like a Deed of Variation. These are designed to maintain legal accuracy, whilst allowing you to vary key fields (names, addresses, dates and so on) using a simple Q&A. This significantly reduces the time spent drafting documents from scratch.

2. Real-time collaboration

‍ Juro's platform enables all parties to collaborate internally in real-time, within the same document. This eliminates the need for circulating multiple versions of a document and reduces the risk of miscommunication or error.

3. Automated workflows

‍ Using Juro, you can automate the contract lifecycle from creation to execution. You can set up automated approval workflows that ensure the right people review and sign off on the Deed of Variation, making the approval process quicker and more efficient.

4. Contract smartfields

‍ With Juro’s smart fields, you can ensure that key details, such as party names, dates, and the specific clauses being varied, are always accurate and updated. This minimises the risk of error and streamlines the contract drafting process .

5. Electronic signature

‍ Juro offers secure, legally binding eSignatures , eliminating the need for physical signatures. This speeds up the contract signing process and makes it possible for parties in different locations to sign the Deed of Variation simultaneously. Juro users and their customers can also sign contracts on a variety of devices, and you have the option to sign in DocuSign if you prefer.

6. Centralized storage & version control

Juro securely stores all your contracts in one place, making them easily accessible and searchable. It also maintains a version history, allowing you to track all changes made to a contract, which is particularly useful when managing Deeds of Variation.

7. Notifications and reminders

‍ Juro's system can send out automatic notifications and reminders to relevant parties. This ensures timely reviews, approvals, and renewals , keeping the contract management process on track.

8. Analytics and insights

‍ Juro offers detailed analytics, providing insights into your contract processes . You can use these insights to identify bottlenecks and areas for improvement, making your contract workflows more efficient.

By leveraging Juro's collaborative contract management platform, you can make the process of creating and managing a Deed of Variation significantly smoother, faster, and more efficient, all while reducing the risk of human error. To find out more and see the platform in action, hit the button below.

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Practical Law

Deed of variation of contract

Practical law uk standard document 3-505-5137 (approx. 14 pages).

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General Commercial

Deed of variation

About this business activity, deed of variation (partnership).

England and Wales

Relevant Contract Types

🏢 deed of variation.

A deed of variation is a legal document that allows for the variation, or change, of the terms of a contract or agreement. The deed of variation must be signed by all parties to the original contract or agreement, and the changes must be agreed upon by all parties. The deed of variation is used to make changes to the terms of a contract or agreement without having to completely rewrite the entire document.

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Deed of Variation of Lease

Why do I need it?

If a tenant and landlord have agreed on changes to an existing lease, this should be clearly documented in a written Deed of Variation of Lease to avoid any misunderstandings and future disputes. On Your Terms’ Deed of Variation of Lease includes optional common lease variations to choose from, and the ability to include your own specific variations (if required).

Save time, money and stress using an On Your Terms Deed of Variation of Lease to get your specific arrangement clearly documented and enforceable in New Zealand.

Who’s it for?

Any business owner tenant or landlord agreeing to variations to a lease.

What’s in it?

NZ lawyers have designed this Deed of Variation of Lease for NZ business. It is simple, short, easy to understand, without unnecessary legalese and fair to both sides.

The Deed of Variation of Lease contains a number of optional typical variations to commercial leases in New Zealand, being an extension of the current lease term, an increase in the number of rights of renewal, a reduction in the current lease term, a variation to rent or a change to the frequency of any rent reviews (or review process). There is also an option for you to insert specific variations unique to your circumstances. The guarantor(s) of the tenant (if any) provide their consent to the lease variations.

Time to complete the questionnaire: Approximately 5-10 minutes – quicker than making your next coffee! You will need to complete the questionnaire within 10 days of purchase (following that your access will expire). Please reach out to us at [email protected] if you have any issues.

What information do I need to complete the questionnaire?

The name and contact details of the tenant, landlord, and any guarantor(s)
Details of the premises and the lease, and the variation date
The agreed variations to the lease

What do I do once my document is created ?

The Deed of Variation of Lease is ready to sign as soon as you have downloaded it. All parties must sign it to ensure it’s legally enforceable. If you need help with how to sign the Deed of Variation of Lease, read our helpful blog Who can sign legal documents in New Zealand?

Other helpful information:

See below for further resources and help:

Check out these blogs: Agreement to Lease v Deed of Lease – What’s the difference ?
If you would like to speak to a lawyer regarding your Deed of Variation of Lease, see our specialist property law firm partner, Neverman Bennett Lawyers here
You may also find these bundles or documents useful for your business: Property Licence , Sublease , Deed of Surrender of Lease and Deed of Renewal of Lease
Check out our FAQs here

If you’re unsure whether this agreement is what you need, reach out to us at [email protected] – we’re happy to help!

Disclaimer : On Your Terms was created to provide fast, easy and affordable access to legal information and documentation. We are not a law firm and do not provide legal advice. The information and documents we provide are of a general nature, designed for common situations, and may not be suitable for your needs or circumstances. If you need legal advice, we have a network of specialist law firm partners able to help you here.

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Guide to Deed of Variation and Disclaimers
A Deed of Variation is a document that can be prepared for a beneficiary of a deceased person's estate that allows them to give up their entitlements under the deceased's Will or the intestacy rules in favour of other individuals. It can apply to anything in the estate such as land, cash, a share in the residuary estate or a beneficial ...
What is a Deed of Variation?
A deed of variation, otherwise known as a deed of amendment, is a legal document created by two people who wish to change one or more terms of their existing agreement. While it is possible to change an agreement through other methods, a deed of variation is the best option as it: clearly states the changes to the agreement; and.
A Guide to Deeds of Variation: Changing a Will
A deed of variation is a legal document that beneficiaries of a will can use to change the will after the person has died. You can only make these changes if any beneficiaries of the original bill who are left worse off by the changes you propose agree. If the person died intestate, meaning they didn't leave a will, their estate will be ...
A Deed of Variation: Making a Change to an Existing Will.
An advantage of making a Deed of Variation is that any changes to the inheritance are treated "as if" the Will or Intestacy had made such gifts rather than the individual would-be recipients themselves. If the Will or Intestacy Rules don't reflect the wishes of the person who has died, it is possible to vary and ensure that the people and ...
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The deed of assignment is the main document between the seller and buyer that proves ownership in favor of the seller. The party who is transferring his or her rights to the property is known as the "assignor," while the party who is receiving the rights is called the "assignee.". A deed of assignment is required in many different ...
Deed of variation
The deed of variation needs to be signed by both the landlord and tenant (and any other relevant parties) to come into effect. Reasons for seeking a deed of variation on a lease. Whether you are a landlord or tenant, overtime your needs and objectives may evolve as market conditions and business priorities change.
Everything You Need To Know About A Deed Of Variation
In short, a deed of variation is a document that changes how assets are distributed in someone's will (or the intestacy rules when there's no will) after they have died. The only people who have the power to produce this document are those who stand to inherit (the "beneficiaries). A deed of variation varies on a case by case basis.
Deed Of Variation (Changing A Will After Death)
A deed of variation does not mean you avoid tax, but it can be a way for the loved ones of the deceased to take advantage of tax reliefs and make the most of their estate. Any changes made in the deed of variation will be treated as if the deceased had written them into the original Will. The executor will need to provide a copy of the deed to ...
Deed of Variation Explained
A deed of variation is a legal document that is sometimes used and implemented in statutes regarding wills, trusts, and inheritance procedures. The deed of variation, also known as a disclaimer of interest, is actually a document that will essentially refuse the acceptance of any inheritance that is provided for in a will or trust. A disclaimer ...
Supplemental agreements and deeds of variation: A guide to the basics
Exploring deeds of variation. Let's now shift our focus to another relevant legal instrument - Deeds of Variation. Understanding the concept of deeds of variation. A Deed of Variation, also known as a Deed of Family Arrangement, fundamentally alters the provisions of a person's will after their death. It allows for the redistribution of ...
Deed of Variation
A Deed of Variation, also known as a 'deed of family arrangements' is a document that allows a beneficiary to change a Will after somebody's death. With a Deed of Variation, a beneficiary can only make changes to their own share of an estate. If you are a beneficiary considering changing your inheritance, our wills and probate solicitors ...
Changing A Contract With A Deed of Variation
Put simply, a Deed of Variation is a legal document that "varies" or changes one or more clauses of a former contractual agreement. It will set out the details of what changes are being made, and any other legal formalities required to put that variation into effect. However, it's still a good idea to make sure you get a lawyer to assist ...
Deed of variation
Deeds are written agreements but differ from contracts in that the limitation period is 12 years and consideration is not required. There are very few categories of transactions that require execution by deed but they are transfers of land, leases, mortgages and charges, sales by mortgagees, appointments of trustees, powers of attorney and gifts.
What is a Deed of Variation (change your inheritance in a Will)?
A deed of variation is a legal document used by the beneficiary of a will to effectively retrospectively change the will under which they have benefited. It allows the beneficiary to divert part or all of their inheritance (from the will) to alternative beneficiaries.
Deed of Assignment vs Novation: A Comprehensive Guide
A deed of assignment is a legal document that transfers the rights and obligations of one party to another party. It is often used in situations where one party wants to transfer its rights or obligations under a contract to another party without changing any other terms of the original contract. For example, if a homeowner wants to transfer ...
How to Change Terms of a Lease if Your Assignment is a Deed of Variation
A Deed of Variation could include changing the lease's terms, such as the length of the lease, the rent amount, or the property's use. Both the landlord and the tenant must sign the Deed of Variation, which must follow the terms of the original lease agreement. The purpose of a lease Deed of Variation is to make changes to the original deal ...
Deed of variation template pdf
A well-drafted Deed of Variation template should include the following elements: 1. Title and introduction. The document should have a clear title that indicates its purpose, followed by an introductory paragraph identifying the parties involved and a reference to the original agreement being modified.
Deed of variation of contract
This is a deed for use when amending or varying an existing contract. It contains optional clauses by which a third party guarantor may consent to the variations. ... Deed of variation of contract Practical Law UK Standard Document 3-505-5137 (Approx. 14 pages) Ask a question
What is Deed of Variation
A Deed of Variation can be prepared before or after obtaining the grant of probate but it must take place within two years of the date of death of the deceased. HM Revenue & Customs (HMRC) have a useful instrument of variation checklist, which can be used to check that any changes made will meet all legal requirements.
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A Deed of Variation (Partnership) under UK law is a legal template that serves to modify or amend the terms and conditions of an existing partnership agreement. ... This legal template, called "Intellectual Property Assignment (for founders to assign IP to company) under UK law," is a comprehensive document designed to facilitate the transfer ...
Free Deed of Variation
Comply with the time frame for making a Deed of Variation. A Deed of Variation can be made before or after the executor gets a grant of probate (ie the right to administer the deceased's estate). However, a Deed of Variation generally needs to be made within 2 years of the testator's death. For more information, read Changing a will after ...
Deed of Assignment
A deed of assignment can be used by property owners to assign their beneficial interest to another party; either a legal owner or a non-legal owner. Most commonly the transfer is between husband and wife for tax purposes on a buy to let. Where a property is held as joint tenants and the parties want to assign beneficial interest, then they must ...
Deed of Variation of Lease
The Deed of Variation of Lease contains a number of optional typical variations to commercial leases in New Zealand, being an extension of the current lease term, an increase in the number of rights of renewal, a reduction in the current lease term, a variation to rent or a change to the frequency of any rent reviews (or review process). ...

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What is a leasehold deed of variation?

Who can vary a lease?

Reasons for seeking a deed of variation on a lease

Alterations and renovations to the property

Subletting or change of tenants

Correcting errors in the original lease

Do you need a solicitor for a deed of variation?

The process of obtaining a deed of variation

Submitting the deed of variation

How much does a deed of variation cost?

Does a deed of variation need to be registered?

Risk and compliance issues

Costs of obtaining the deed

Who typically pays for the associated costs?

Stamp duty implications

Ensuring compliance with leasehold terms

Avoiding disputes and legal complications

Can a deed of variation be challenged?

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