NatWest - Ground rent rise & change in valuation?

TrueLineQuery

Hi All,

Hoping to exchange on my apartment purchase this week and there's just one thing left to be satisfied now until we can: A PVQ raised questioning whether a rise in ground rent affects the valuer's original valuation. On paper you'd like to think not as it's a small change but it's just been a long and stressful 6 months or so of a break up, selling my old place and finally having this one almost sorted that I'm just a bit anxious about it falling through at this stage!

For reference, the lease is:

200 yrs from 2007

Ground rent @ £200 for the first 50 years

Ground rent @ £400 for the next 50 years

Ground rent @ £600 for the next 50 years

Ground rent @ £800 for the next 50 years

NatWest have already accepted an indemnity policy to cover it being over the £250/yr threshold so that's fine, it's just this confirmation from the valuer I need now but been looking online a bit and while on paper for someone with no knowledge of it you'd like to think it wouldn't affect it I'm just wondering if anyone has dealt with this or a similar situation. It was raised last week and told we should have a response by tomorrow so it's more impatience as much as anything else as I know I'll find out one way or another soon but just hoping for a bit of reassurance!

Thanks!

MovingForwards

Is that a month or year?

Assuming you mean £200py rising to £400py after 50 years, I doubt an increase every 50 years would be a worry for any lender!

All you have to do is look at the cost of things / wages 50 years ago to see how different they are compared to now.

TrueLineQuery

MovingForwards said:

Is that a month or year?

Assuming you mean £200py rising to £400py after 50 years, I doubt an increase every 50 years would be a worry for any lender!

All you have to do is look at the cost of things / wages 50 years ago to see how different they are compared to now.

It's a year so yeah in the grand scheme of things it's not much but didn't know whether it would be seen this way by the valuer or not. They've requested confirmation of service charge costs for the year now so another 3 or 4 days of waiting before hopefully finally getting the go ahead from them!