Ground Rent Review

evs50

I am currently renting a small house on the Elba estate in Gowerton, Swansea. There has been a 25 year ground rent review on the estate. Most of the properties have been paying £50 and a few larger houses as much as £90 per annum (our landlord pays £50). Our property is a mid-link house worth about 100-105k. There are 3-beds ranging in price from 130-170k and I can't imagine there are many, if any, over 200k. A road about 20 yards away (not part of the site) pay around £12 a year ground rent. Anyway the proposed rates have increased by a lot. Ours would be up from £50 to £604 and many others are multiple thousands. The biggest rise I've heard is £90 to £3200 per annum. Another lady I spoke to living in a semi-detached 3 bed said hers was rising from £50 a year to the equivalent of £43 a week!


I would be interested in people's thoughts on the matter. I have read a little bit about ground rent reviews and generally they seem to be double or triple every 25 years. We have also been looking at a house in the next village which is about the same age as the Elba estate, is a leasehold and has 80 years remaining of a 99 year lease. The ground rent is currently £80 a year but I don't want to find myself in the same boat as the Elba owners in 5-6 years time. Any info, help, thoughts and advice would be most welcome.


James

evs50

Hi everyone


I am currently renting a small house on the Elba estate in Gowerton, Swansea. There has been a 25 year ground rent review on the estate. Most of the properties have been paying £50 and a few larger houses as much as £90 per annum (our landlord pays £50). Our property is a mid-link house worth about 100-105k. There are 3-beds ranging in price from 130-170k and I can't imagine there are many, if any, over 200k. A road about 20 yards away (not part of the site) pay around £12 a year ground rent. Anyway the proposed rates have increased by a lot. Ours would be up from £50 to £604 and many others are multiple thousands. The biggest rise I've heard is £90 to £3200 per annum. Another lady I spoke to living in a semi-detached 3 bed said hers was rising from £50 a year to the equivalent of £43 a week!


I would be interested in people's thoughts on the matter. I have read a little bit about ground rent reviews and generally they seem to be double or triple every 25 years. We have also been looking at a house in the next village which is about the same age as the Elba estate, is a leasehold and has 80 years remaining of a 99 year lease. The ground rent is currently £80 a year but I don't want to find myself in the same boat as the Elba owners in 5-6 years time. Any info, help, thoughts and advice would be most welcome.


James