On 29th March 2019 House Network Limited trading as House Network entered administration, Universal Acquisitions Limited acquired the trading rights of House Network on 29th March 2019 and subsequently ceased the trading activities whilst the business is restructured.
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Ground rent is a payment made by the buyer of a lease property to a freeholder every year. This is usually the case for most leasehold properties and costs between £100-300 a year (depending on the freeholder). This article details the obligations and liabilities associated with ground rent.
Before entering any leasehold agreement the purchase contract is to be reviewed carefully by a qualified solicitor who can advise accordingly. The leaseholder can also read through the contract carefully and raise any issues or questions regarding the leasehold agreement.
In particular, increases to ground rent should be identified as this is often added to allow rent to keep up with inflation. However, this fee can end of doubling after a set period of time. On properties with long leases such as 200 years or more, this can lead to unmanageable ground rent prices.
Even if the freeholder doesn’t request payment, it doesn’t necessarily mean that the ground rent should not be paid. The freeholder can make a late request for the money and is legally able to recover unpaid ground rent going back six years. Additionally, the leaseholder can be asked to pay for the full amount in one go.
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