7:38 AM, 10th April 2014, About 8 years ago 26
We are in the process of buying a brand new property with Redrow. Looking into the conditions of the lease it has been specified that the Ground Rent will start at £400 per year increasing to double at year 10 and consecutively doubling every 10 years for 5 consecutive times.
We are a bit concern as it seems a bit worrying. Looking around to say than in 10 years time the Ground Rent is going to be £800 per year and then £1600 in 20th anniversary till become £12,800 at 50th anniversary doesn’t seem to be a good deal.
Could this clause put people off of buying the flat in the future? Are these amount extortionist or are we been over caution worried and this instead has became the normal practice and it is something we are going to find everywhere else.
Just to note the lease here is for 999 years.
Any advice or comment would be appreciated as we need to exchange contracts today or tomorrow.
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