Legal articles

Rising Ground Rent in New Build Homes: Are solicitors to blame?

Over the last year there have been reports of newly built properties being effectively worth nothing after just six years due to excessive ground rent charges. A reported example was £101,000 paid for a flat in a new development but lenders then refusing to give mortgages to prospective buyers because a clause in the original leasehold agreement meant owners were liable to pay ground rent to the freeholder that would spiral to £8,000 a year.
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