Leasehold question - ground rent
Discussion
Can anyone advise.
How much is the rent likely to be? Does it still have to be payed to non existent parties ?
Extract from land registry title :
Date : 4th January 1991
Term : 999 years from above date
Rent: £100 rising to £300. ( is this per year I assume? Seems expensive)
Parties : company 1 ltd. (I believe this company was dissolved in2000)
Company2 ltd. (this is a well known ltd company that still exists)
Mr and mrs smith (no idea who they are )
Thanks
Av
How much is the rent likely to be? Does it still have to be payed to non existent parties ?
Extract from land registry title :
Date : 4th January 1991
Term : 999 years from above date
Rent: £100 rising to £300. ( is this per year I assume? Seems expensive)
Parties : company 1 ltd. (I believe this company was dissolved in2000)
Company2 ltd. (this is a well known ltd company that still exists)
Mr and mrs smith (no idea who they are )
Thanks
Av
Edited by Aviz on Tuesday 12th July 22:23
Edited by Aviz on Tuesday 12th July 22:23
You need the advice of a professional.
An experienced solicitor will no doubt give full details on request. The devil is in the detail. It matters.
As a broad view the liability to Ground Rent follows the ownership in the title to the property.
There will be a liability and the Freeholder can insist upon payment.
Your acquisition of leasehold title cannot disenfranchise the Freeholder. In the event of a dispute they can apply to you at any time for payment.
Ultimately if the sum remains unpaid. they could repossess the property via the courts, and sell the property if you refuse to pay and you would become liable for interest and all their costs. Not a good game. Unavoidable.
You need the advice of a professional.
Specific to the FILL detail of the case.
An experienced solicitor will no doubt give full details on request. The devil is in the detail. It matters.
As a broad view the liability to Ground Rent follows the ownership in the title to the property.
There will be a liability and the Freeholder can insist upon payment.
Your acquisition of leasehold title cannot disenfranchise the Freeholder. In the event of a dispute they can apply to you at any time for payment.
Ultimately if the sum remains unpaid. they could repossess the property via the courts, and sell the property if you refuse to pay and you would become liable for interest and all their costs. Not a good game. Unavoidable.
You need the advice of a professional.
Specific to the FILL detail of the case.
Steffan said:
You need the advice of a professional.
An experienced solicitor will no doubt give full details on request. The devil is in the detail. It matters.
As a broad view the liability to Ground Rent follows the ownership in the title to the property.
There will be a liability and the Freeholder can insist upon payment.
Your acquisition of leasehold title cannot disenfranchise the Freeholder. In the event of a dispute they can apply to you at any time for payment.
Ultimately if the sum remains unpaid. they could repossess the property via the courts, and sell the property if you refuse to pay and you would become liable for interest and all their costs. Not a good game. Unavoidable.
You need the advice of a professional.
Specific to the FILL detail of the case.
Thanks. It's for a potential purchase. I will obviously get a pro to look into the detail should I get it, but I was wondering what I may potentially have to pay. I've only ever owned freeholds.An experienced solicitor will no doubt give full details on request. The devil is in the detail. It matters.
As a broad view the liability to Ground Rent follows the ownership in the title to the property.
There will be a liability and the Freeholder can insist upon payment.
Your acquisition of leasehold title cannot disenfranchise the Freeholder. In the event of a dispute they can apply to you at any time for payment.
Ultimately if the sum remains unpaid. they could repossess the property via the courts, and sell the property if you refuse to pay and you would become liable for interest and all their costs. Not a good game. Unavoidable.
You need the advice of a professional.
Specific to the FILL detail of the case.
Leasehold is much less independent ownership.
The freeholder may have rights over any alteration to the property and all sorts of other possible restrictions. May control any extension etc
Common with flats. Right of structural support being the obvious reason.
There are flying freeholds (eg 1st floor flat) very unpopular with lawyers for various entirely practical reasons. Interesting area of the law.
Does depend on the precise wording of the lease but change of use, alterations, change of windows etc can be a no no with leasehold property.
Detail does matter.
The freeholder may have rights over any alteration to the property and all sorts of other possible restrictions. May control any extension etc
Common with flats. Right of structural support being the obvious reason.
There are flying freeholds (eg 1st floor flat) very unpopular with lawyers for various entirely practical reasons. Interesting area of the law.
Does depend on the precise wording of the lease but change of use, alterations, change of windows etc can be a no no with leasehold property.
Detail does matter.
Steffan said:
Leasehold is much less independent ownership.
The freeholder may have rights over any alteration to the property and all sorts of other possible restrictions. May control any extension etc
Common with flats. Right of structural support being the obvious reason.
There are flying freeholds (eg 1st floor flat) very unpopular with lawyers for various entirely practical reasons. Interesting area of the law.
Does depend on the precise wording of the lease but change of use, alterations, change of windows etc can be a no no with leasehold property.
Detail does matter.
Thanks. I'll make sure I investigate thoroughly. It's a detached house.The freeholder may have rights over any alteration to the property and all sorts of other possible restrictions. May control any extension etc
Common with flats. Right of structural support being the obvious reason.
There are flying freeholds (eg 1st floor flat) very unpopular with lawyers for various entirely practical reasons. Interesting area of the law.
Does depend on the precise wording of the lease but change of use, alterations, change of windows etc can be a no no with leasehold property.
Detail does matter.
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