Quiz - how well do you understand your lease?
Understand the key things you should know about your lease. If you are a purchaser, this can help make sure your solicitor has covered all of these points and explained them clearly to you.
You need to check the lease as the ground rent provision will be stated there. The landlord cannot insist that you pay more than the rent set out in the lease or change the provisions in relation to ground rent.
The ground rent can be fixed in the lease or increase at fixed times and amounts.
For example, at the beginning of the lease, the ground rent may be £50 every year. Then it can increase after 33 years to £100 per year and so on. Or it may increase in accordance with a formula such as a percentage of the rental value of the property.
Alternatively, any increase may be based on a formula like the retail prices index.
More information you might find useful:
- Ground rent and its escalation
- Service Charges and other issues: Ground rent
- More Frequently Asked Questions on Ground Rent
- Click here to download the form of rent demand notice
Still not found the answer?
Contact LEASE to have your enquiry dealt with by one of our experienced advisers