Ground rent should not be confused with 'service charge'. Whilst service charge is a payment to the freeholder or management company for the costs of maintaining the building facilities and services, ground rent is a payment to the freeholder for owning the property and allowing you to live there.. If the property ground rent is above £250 (or £1000 in Greater London), there are a number.. When thinking about buying a leasehold property you should prepare for the issue of escalating ground rent. When you buy a flat or other type of leasehold property you are effectively buying a property for a period of time.. If the property has an annual ground rent which exceeds £250 outside of London (or £1000 in London), then the Lease.
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Why do I have to pay ground rent?
In some leases, the ground rent increases over time regardless of inflation. Some lenders will only offer a mortgage on properties with an indexed ground rent or similar. Lenders may be reluctant to offer a mortgage on a leasehold flat with excessive ground rent to avoid issues of non-payment down the line and to ensure future saleability of the property.. What happens when ground rent exceeds £250? If your ground rent is over £250 per annum, then you might face some issues. Firstly, if your ground rent is above this £250 threshold (or £1000 in London) and you fall into 3 months of ground rent arrears (debt) then your landlord has the right to repossess the property.
