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Ground rent double after 20 years
Caroline84uk
Posts: 5 Forumite
Hi,
I just put in an offer for a flat and when visiting the mortgage advisor I was told the ground rent doubles every 20 years. At the moment it isn't a problem for me as it has another 12 years left, but if I want to sell in the future, will I have a problem? Also will I have a problem when I want to find a new mortgage?
Is this a common problem? I still have time to back out but I don't know if this is something Ill face when I next put down an offer for a property?
I just put in an offer for a flat and when visiting the mortgage advisor I was told the ground rent doubles every 20 years. At the moment it isn't a problem for me as it has another 12 years left, but if I want to sell in the future, will I have a problem? Also will I have a problem when I want to find a new mortgage?
Is this a common problem? I still have time to back out but I don't know if this is something Ill face when I next put down an offer for a property?
0
Comments
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It would help people advise if you actually stated what the ground rent is now. There will always be a ground rent on leasehold property.1
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It's 250 pounds now0
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I dont think the "every 20 years" time frame is normally seen as a problem (unlike the "every 10 years"). It's not a million miles off inflation (that would be double every 25 years)0
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Generally, lenders don't like clauses where it doubles every 15 years or less, but you'd need to check your individual lender.
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how long is the lease?0
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So i double checked and its actually 25 years it doubles. The lease is 237 years or something so very long0
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