ground rent


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ground rent

The rent paid under a ground lease.

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The problem of reviewable ground rents on housing developments was illustrated locally in the last couple of years by the case of the Elba estate in Swansea.
These days ground rent is only payable if the landlord sends you a bill.
Communities Secretary, Sajid Javid said: Its clear that far too many new houses are being built and sold as leaseholds, exploiting home buyers with unfair agreements and spiraling ground rents. Enough is enough.
"Our ground rents business is completely transparent and investors receive an exact picture of the health of the business they are investing in."
Many are occupied by tenants on long-term leases and are "ground rents", meaning the council only owns the land.
Auctioneer Stuart Tullah commented that freehold ground rents, life tenancy investments and garage blocks, are seen by many as a safe income producing haven in uncertain economic times.
Your solicitor can also check the seller is up-to-date with ground rent payments."
Since then his estate has sent occasional bills for the ground rent to Castlebar - where it owns property worth millions of euros - but they've been largely ignored.
And Motherwell are understood to receive ground rent from Gretna on a match by match basis.
However, the ground rent was set to increase based on a re-appraisal of the land in twenty years and the rent payments would likely have more than tripled at that time.