Ground Rent?

Question

Anyone know what should happen if I purchase the ground rent to my house? The landlord sent me a letter saying I could buy it. I sent off a cheque but have heard nothing since. Should I ask a solicitor or can I do something myself?

Answer 1

Hi there

I am assuming by landlord you also mean the freeholder, this is the person or company that owns the freehold of the land your property is built on.

In addition to appointing a solicitor you should get a valuation. There are many companies the provide a service for this, here is one
http://www.buyyourfreehold.com/buyyourfreehold.htm

Factors the will influence the cost of the freehold are the amount you are paying for ground rent, value of typical freehold properties in your area, and the amount of outstanding lease you have. For example if you have have a 999 year lease it will be much cheaper to buy the freehold than if you have a 50 year lease.

Also to consider is whether you are in a shared property, e.g. flats that are part for a single freehold. In these cases the costs can be shared amongst the flats with each owning a share of the freehold.

As to costs for legal fees I would expect to pay anything from £250 to £500 + VAT for valuation and precessing. More if it is many flats on the freehold and each wanting to take a share.

I hope this helps. Check out the link I mentioned.

Answer 2

Surely you mean buy the freehold! you pay ground rent to the freehold owner. if the real owner had made such an offer it should have sated his asking price and his solicitors and you should have instructed you solicitors to deal with it as it has serious implications if you have a mortgage.

you may have been scammed unless you can prove the letter came from the REAL freeholder and that they actually ashed the cheque.

NEVER do legal things on the cheap by yourself use a solicitor it ALWAYS works out simpler and cheaper eve if it does seen too much to pay £300 for someone to do some paperwork.

Answer 3

It's solicitor time!