ground rent

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ground rent

The rent paid under a ground lease.

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It would therefore seem a little ironic if legislation was brought in to protect leaseholders in England only for Welsh-based leaseholders to be left open to possible eye-watering hikes in their ground rent.
Nathan and Tasha's ground rent started at just [pounds sterling]150 before doubling in January to [pounds sterling]300 a year, theCambridge Newsreports.
Ground rents are charged on all residential leasehold properties but evidence shows that they are becoming increasingly expensive.
The move comes after reports in the media revealed that a recent amendment to the law has lead to sharp increases in ground rent - for instance some home owners who lease the plot their home is built on have received notice that their ground rent will go up from NOK1,000/year to NOK30,000/year.
Scores of people there have refused to pay ground rent to the Lucan estate since the lord disappeared 24 years ago.
Labour's Shadow Housing Secretary, John Healey, said: "The government has known about and ignored the ground rents scandal for a long time, allowing hard-working families to be ripped off under costly leasehold agreements.
Our ground rents business is completely transparent and investors receive an exact picture of the health of the business they are investing in.
The increase in ground rents by, in some cases, astronomical percentages, appears to be completely unreasonable and in many cases will lead to home owners paying more than the value of their home over the next 25-year review period in rent.
There was little information about the property, so my solicitor held back pounds 1,000 in case ground rents and so on were outstanding.
A planned 63 percent spike in ground rents in Battery Park City has been averted, according to Crain's, after New York State Assembly Speaker Sheldon Silver helped broker a deal to reduce that increase.
Braemar has bought the freehold through its Channel Islands-listed Ground Rents Fund.
Rock, which is controlled by property magnate Vincent Tchenguiz, agreed not to make a rival bid for the Bournemouth-based company in exchange for rights to ground rents and house manager income.