Flat owner Luke Mosson fell into a trap of being liable to pay £1.3bn in ground rent over the term of the Lease for a flat that he had purchased for £150,000. For further details on the case see the BBC report.
If you are buying a flat or extending the Lease of your flat it is important to check and fully understand the ground rent payable under the Lease and how that will increase over the term of the Lease.
Advice on Lease Agreements
If you have any concerns regarding the ground rent payable under your Lease – or any other property issues – please contact the Hart Reade Property Department and we would be happy to advise you.