Ground Rent - Buying it Out in Northern Ireland

ballyblack

NO

not even builders can introduce ground rent nowadays unless its Apts/flats

saverbuyer

Yep just as Ballyblack says. The whole point of the process (redemption of ground rent) was to simplify conveyancing in N.I. There is also a process of Compulsory redemption to be introduced which will require the ground rent to be bought out when a property title changes. In effect all ground rent will be bought out over time.

Stevie25

I have recently completed the redemption of ground rent in NI.
Process was very easy once I had the original documents from Bank, filled in the form myself. And a local solicitor, whom I had not used before only charged £5 to witness forms, it only took a few minutes of her work anyway.
Took a week from sending the forms off, until I had the certificate of redemption. Do not hesitate embark on the process and do not let a solicitor over charge you. Remember the process was devised for them to change a 'nominal' fee NOT a 'normal' fee.

BatCat

There is the 50£ land registry fee

CountryGirl7676

This is not necessary - you do not need to pay the company who collects your ground rent ANYTHING! You just need to notify them that you will no longer need to pay ground rent (through a form that you will receive from the land registry). I used a local solicitor who charged me £30. She said that this only covers me not paying ground rent, I still do not own the land (freehold).

I hope this helps as it was a while back that I did this so I hope I have remembered it correctly. Goodluck with the whole process if you decide to go ahead with it. It is worth it, especially if you are going to be staying in the house for a good length of time.

irishjohn

CountryGirl7676 wrote: »

This is not necessary - you do not need to pay the company who collects your ground rent ANYTHING! You just need to notify them that you will no longer need to pay ground rent (through a form that you will receive from the land registry). I used a local solicitor who charged me £30. She said that this only covers me not paying ground rent, I still do not own the land (freehold).

I hope this helps as it was a while back that I did this so I hope I have remembered it correctly. Goodluck with the whole process if you decide to go ahead with it. It is worth it, especially if you are going to be staying in the house for a good length of time.

If you mean it is possible to cease paying ground rent without paying the fees described in this post can you point us in the direction of the appropriate form for this?

macaedha

Your solicitor is wrong, under Section 13 (2) you do become the legal owner, in fee simple, you, if selling the property, must too sell the fee simple so you will not have a right to claim ground rent from the purchaser, you will though have the capacity to charge a higher price for your home so it all works out as it transfers free of encumbrances.