Property News · October 22, 2016

Beware the small print that could hike one-bed flat’s ground rent to £8m-a-year


At first the bill for a £58,000 leasehold flat was £250 … then £8,000. But the nightmare’s just beginningYou’ve just bought your first flat, and were told by your solicitor that the ground rent is £250 a year. So, on moving in, you are staggered to be presented with a bill for £8,000 a year.But that’s not the end of the nightmare. In the small print of the lease is a tortuously worded clause stating that this will double every 10 years, so that in 35 years it will have soared to £128,000, and in 95 years it will be £8m – for a one-bed flat that you bought for £58,000. Continue reading…

Source : theguardian.com
Read more…Beware the small print that could hike one-bed flat’s ground rent to £8m-a-year

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