Leasehold Property £1.40 Yearly Ground Rent - £72 Notice of Assignment Charge

dimbo61

https://forums.moneysavingexpert.com/discussion/2220987/backdated-ground-rent/p1

eddddy

dimbo61 said:

Now you talk about Morgeod estates and ground rent !
The ground rent is £1.40 a year Correct ?
Does it run out in 2037 ? 
I would need to check my old documents at home but I think we bought the Ground rent charge off Morgeod estates for about £85 a few years ago.
6 years back payments and the rest to make up the number of years left at £5 a year.
Please confirm its Ground Rent and not leasehold 

The OP is talking about buying the freehold of a leasehold house - where the leasehold ground rent is £1.40 per year.

I think you might be talking about Rentcharges - which will be extinguished in 2037.  They're completely different.

chaotic_j

Hi @dimbo61 the recent March 2023 copy statement from Morgoed is headed 'Combined Ground Rent Demand and Statement' and refers to 'Long Leaseholders'.

The lease is for 990 years from 12 April 1892, so it doesn't expire until 12th April 2882.

The property has leasehold and freehold entries in the Land Registry, the vendors name is against the leasehold entry and presumably Morgoed have the freehold entry.

Where properties on the street have bought out the freehold I can see sale prices of e.g. £400 against the freehold entry.

HampshireH

I've read this assuming it's a house but then someone has mentioned a flat (can you confirm as it's quite unusual for a flat freehold to be offered up that cheap) It seems like a no brainer to buy the freehold at that price and seems a bit daft to quibble over a £72 assignment fee when the consequences could cost you significantly more. 

A property is a big investment you surely want to ensure its all correctly in your name with the freeholder.