Solicitor unhappy with escalating ground rent - help!

GDB2222

I'd be less concerned if the GR were linked to inflation. There's no law that says we have to have positive inflation. Look at Japan for example which has had deflation. If that happened here the doubling every 25 years could become very onerous.

kerri_gt

michaelsft wrote: »

Hi all, I'm in need of a little guidance and I hope some can offer some words of wisdom. Long story short, at a late stage in my purchase of a new flat (M21 - Chorlton) my solicitor has advised me to pull out on the basis that there is an escalating ground rent clause which goes:

£100 - first 25 years (10 years remaining at this stage)
£200 - 2nd 25 years
£400 - 3rd 25 years
£800 - 4th 25 years
£1600 - 5th 25 years

All comments and advice are greatly appreciated.
Thanks for reading
Michael

Is this paper annum of per month? I've seen both referred to in the thread. Per Annum doesn't seem an issue, per month and there may be concerns.

michaelsft

kerri_gt wrote: »

Is this paper annum of per month? I've seen both referred to in the thread. Per Annum doesn't seem an issue, per month and there may be concerns.

Per year. It's just the ground rent. The monthly management charge is just £64.64 a month - lower than most around here which seem to be about £100-£130 month on average