Ground Rent Clause - Taylor Wimpey new apartment

[queenside]

What I can tell you is that is that as time goes on this lease will become unsaleable. I run a company that sell freehold ground rents where investors would be falling over themselves to buy the freehold of this building because they know that this lease is more or less defective.

 

You would be better off just buying another flat as Wimpy homes are highly unlikely to change the terms of the lease. The reason they have these unusual ground rent increments is to push up the value of the freehold when they decide to sell.

 

Goog luck with it.

[bellijayne]

They nearly saw you coming with a ruddy periscope! No way do you sign this contract - start running!

[caro]

After nearly 2 years I think the advice may be a bit late.

[Strawberries]

I know this is an old thread but I desperately need the knowledge of those who participated in this thread as my query is very similar except that the ground rent doubles every 25years.

 

GR doubling every 25yrs as below.

It has 20yr left at £250

For the next 25years of the New Term £250 per annum

For the next 25years of the New Term £500 per annum

For the next 25years of the New Term £1000 per annum

For the next 25years of the New Term £2000 per annum

For the remainder of the New Term £4000 per annum

 

It was renewed in 2013 for £6,000 when the GR was £30 and with only about 47years added on as the term had 78yr remaining.

I'm purchasing it for £292,000. Shall I pull out of the sale as it might affect the value when I come to sell in about 10yrs?

Or shall I negotiate with the vendor to serve a s.56 notice? If I wait another 2yrs when I qualify about home much more will it cost me?

The other 3 maisonettes have 74years left on their leases.

In the original lease granted in 1967 the GR was £15 and then doubling in 50yrs to £30.

 

 

Is the statutory purchase price of the freehold based on, amongst other things, the current ground rent or the proposed future ground rent also?

If extending under the act is the statutory premium based on the current ground rent or the proposed future ground rent also?

 

Please help, I'm a FTB.

Edited April 13, 2017 by Strawberries