ground rent
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ground rent
The legally-contracted rent paid annually according to the terms of a ground lease.
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We asked about buying the freehold, which they told us would be 25 times the PS150 ground rent. It was going to cost around PS5,000 plus legal fees just to be on a par with our neighbours, who had the same house on the same estate, but who owned the freehold."
Labour has said it would ban sales of both new leasehold houses and flats, allow leaseholders to buy the freehold of their home for 1% of the property value, and cap ground rents for existing leaseholders at 0.1% of the property value, up to a maximum of PS250 a year.
Ground Rents declared an interim dividend of 1.96 pence per share, in line with the year before.
Leaseholders pay "ground rent" to the person who owns the freehold, as well as a service charge to cover things like insurance, buildings works and admin costs.
It means that once they move into their new home, they can learn that they need to pay an annual "ground rent" of hundreds of pounds to the freeholder.
Leases mean homeowners can face ground rent charges of PS700 a year and see little in return.
George Walker, Partner and Auctioneer, said: "The catalogue offers a wider mix of assets than usual, including long-let ground rents and a good choice of industrial investments.
The scandal forced the Government act last week when they agreed to ban the sale of leasehold new-build homes and pin ground rent at a peppercorn rate.
The proposals, which are subject to an eight-week consultation, aim to make future leases fairer by reducing ground rents so they "relate to real costs incurred".
Councillors on the Policy Review and Performance Scrutiny Committee heard ground rents at five of the eight hotels are recommended for disposal "when best opportunity arises".
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.
According to Crain's, the Battery Park City Authority, the public agency that manages the neighborhood, voted to pass a two-month old proposal to cut monthly ground rents for condominium owners in 11 buildings by $279 million over the next 30 years.
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