Hitchin: Leaseholders face 9,000% ground rent rise

7 comments

1. Jesus. I wouldn’t have thought it was possible to draw up a lease without _explicit_ sums for any ‘steps’ in the ground rent. Presumably the ground rent was set at a % of the original selling price, and the lease says the ground rent can be realigned with current market price after fifty years?

   When I’m in charge the conveyancers will be up against the wall alongside the freeholders.

2. Monetising ground rent is outrageous. It’s meant to be a few pennies or pounds.

3. How about instead of discussing payment plans with leaseholders who can’t afford to pay you instead decide to stop being disgusting thieving cunts?

4. >When the four leaseholders pushed back against the £1,000 figure, their case went to arbitration through the Royal Institute of Chartered Surveyors in September 2021.

   >Then, in June 2023, they were informed that the arbitrator had found that, under the terms of the lease, the ground rent should be increased to £2,350 per year.

   The dealings I have with RICS through work made me think they’re wankers and this has just reinforced that.

   Hell of an arbitration there lads. Jesus christ.

5. Lucky that they are corporations. If we knew which individuals were doing this….

6. Wish my lease the ground rent doubles every 25 years. I thought this was bad but it’s got nothing on this, wtaf?

7. One of the very poor things about this is that these people will effectively be stuck with these properties.

   Many, if not all lenders will refuse to lend based on such ground rent clauses leaving them unable to sell as no purchaser would be able to find the finance to purchase, with those using cash looking at being in the same situation down the line.

   Horrible situation and a great marker for why we need leasehold reform.