ground rent


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ground rent

The legally-contracted rent paid annually according to the terms of a ground lease.
References in periodicals archive ?
While this has the initial attraction of a lower capital payment at the outset and the starting ground rent of, say, PS300 appearing reasonable, by the end of the lease that ground rent figure could have risen to more than PS38,000 per year.
Some people who live in Taylor Wimpey-built houses have had another shock - because buried within their contracts was a clause saying that the ground rent could double every 10 years.
College lecturer Arthur McGiven is having to pay around pounds 14 more on his ground rent at his flat, which is right next to a nature reserve in Wallsend.
However, the consumer website's investigation said that at least one property developer had included punitive "doubling clauses" in sales contracts that effectively increase ground rent at an alarming rate, trapping people in homes they cannot sell.
Is it possible to buy the ground rent or take it over somehow?
In addition to the annual ground rent, a service charge contribution of PS500 per lodge is paid at the beginning of the calendar year to cover the cost of grounds maintenance, water supply, sewage and electricity for the pumping stations.
Communities Secretary Sajid Javid has set out plans to ban new build houses being sold as leasehold as well as restricting ground rents to as low as zero.
Executive director Richard Silva said: "The stable, high-quality cash flow from ground rents has attracted pension fund and other long-term investors.
"Fragmented" industrial ground lease sites are also recommended for sale, as well as stand-alone shops, ground rent shops and some commercial properties.
The auction included a mixed variety of lots including houses with vacant possession, freehold ground rent investments, plots of land and garage blocks with rental money coming in from the let lock-ups.
Leasehold means you own the property for as long as is speci-fied in the lease and have been granted the right to live there by the freeholder, who has complete and absolute ownership of Leaseholders pay ground rent to the freeholder, usually a small amount each year.
The tenants of 150 properties in Castlebar, Co Mayo, are supposed to pay his estate EUR20-a-year each in ground rent.