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Ground Rent Doubling Every 25 Years - Question
martinlewisjunior
Posts: 94 Forumite
Hi,
Slight concern am I able to avoid the doubling ground rent on my flat if I go down the statutory route which would make the ground rent £0? Of course it would add 90 years as well as a bonus.
Details about the flat:
112 years remaining on the lease. Current ground rent £150 doubling every 25 years. Next double January 1st 2030.
Final double would be January 1st 2105 for the remainder of the term for £2400.
Also how much would this cost? I’ve made a rough guess by calculating ground rent of each year /term by 7.25% and totalling up each year to give me a total of £8300, does this sound about right?
Thank you! :money:
Slight concern am I able to avoid the doubling ground rent on my flat if I go down the statutory route which would make the ground rent £0? Of course it would add 90 years as well as a bonus.
Details about the flat:
112 years remaining on the lease. Current ground rent £150 doubling every 25 years. Next double January 1st 2030.
Final double would be January 1st 2105 for the remainder of the term for £2400.
Also how much would this cost? I’ve made a rough guess by calculating ground rent of each year /term by 7.25% and totalling up each year to give me a total of £8300, does this sound about right?
Thank you! :money:
0
Comments
-
I can!!!8217;t answer your question, but thought it worth pointing out that a 25year doubling is only 2.8% a year growth. Not ideal, but not crippling.0
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I can!!!8217;t answer your question, but thought it worth pointing out that a 25year doubling is only 2.8% a year growth. Not ideal, but not crippling.
Would you say it’s worth doing? I plan on keeping the apartment for quite a long term and have no plans on selling in the near future.0 -
Pay £8,000 now to save just over £1,500 over the next ten years? 30+ years to reach break even point? As they say on that car ad 'You do the maths'.0
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