PersonalGround rents & freeholds
Are you facing increasing ground rents ?
Its hard to avoid the recent coverage surrounding rising ground rents and the review of provisions in the leases of new build properties. Leases that contain doubling ground rents on every fifth, tenth or any other predetermined anniversary are now considered to be unfair and may have a detrimental effect on the ability to sell your property.
Some landlords and developers are now taking steps to assist the leaseholders (you) in varying the relevant clauses in these leases.
What can you do as the leaseholder ?
The most common step is to agree with the landlord to a Deed of variation, this is used to vary the terms of a lease between the landlord and the leaseholder, varying the increasing ground rents clause.
How can we help?
We have a dedicated team who are assisting people in an increasing ground rent position by acting on a Deed of Variation as well formalising the arrangement by registering it at the Land Registry.
Do you want to buy your freehold ?
There are two possible routes to take when buying a freehold.
- The informal route – this is where you negotiate with the landlord directly and come to an agreement on the purchase price
- The formal route – is usually used where the landlord will not negotiate with you. The formal process officially starts with the service of a notice on your landlord proposing the purchase of the freehold. The formal route involves the instruction of a surveyor who is able to calculate the proposed purchase price based on formulas provided in statute. It is always best to obtain details of the proposed purchase price before approaching the Landlord.
Landlords are entitled to seek that their reasonable costs of entering into the formal process are to be paid by the tenant (you). Therefore you will need to consider the potential costs before beginning the process.
How can we help?
Freehold purchase (enfranchisement) is complicated and in most cases requires the involvement of a solicitor or conveyancer. We can advise and assist you with the purchase your freehold.We are experienced in negotiating with Landlords and can advise and assist you with the purchase ensuring it all runs smoothly for you.