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Doubling Ground Rent
TCLH
Posts: 3 Newbie
Hi,
I'm about to renew the lease on my flat to 125 years but the ground rent is being increased to £300. p/a and doubling every 25 years capping at £2400. p/a in 75 years time for the remainder of the lease. I'm worried if I go ahead with this it might put
prospective buyers off when I come to sell the flat in a year or two. There is no s/chg, just the ground rent which is currently £150. p/a. My other option is to pull out of the lease application and sell with 76 years remaining on the lease and let the new owner worry about the lease, or go down the statutory route which I think will cost me about £25k plus costs. I really don't know what to do and need to decide by next Friday as that is the Freeholder's cut off date for the lease extension to be finalised.
Thanks.
I'm about to renew the lease on my flat to 125 years but the ground rent is being increased to £300. p/a and doubling every 25 years capping at £2400. p/a in 75 years time for the remainder of the lease. I'm worried if I go ahead with this it might put
prospective buyers off when I come to sell the flat in a year or two. There is no s/chg, just the ground rent which is currently £150. p/a. My other option is to pull out of the lease application and sell with 76 years remaining on the lease and let the new owner worry about the lease, or go down the statutory route which I think will cost me about £25k plus costs. I really don't know what to do and need to decide by next Friday as that is the Freeholder's cut off date for the lease extension to be finalised.
Thanks.
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