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Solicitor unhappy with escalating ground rent - help!

edited 30 November -1 at 1:00AM in House Buying, Renting & Selling
43 replies 3.3K views
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  • GDB2222GDB2222 Forumite
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    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.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • kerri_gtkerri_gt Forumite
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    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.
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  • michaelsftmichaelsft Forumite
    54 posts
    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
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