Councils using ‘Intelligence’ to track down low EPC properties and fine £5,00015:08 PM, 29th March 2021
About 2 weeks ago 36
I have a leasehold of a flat with Ground Rent of £250 that increases by either £250 or the rate of inflation every 10 years. 10 years are up next year, so Ground Rent will be a minimum of £500. Then the following 10 years will go up a minimum of £250 and so on.
I wasn’t planning to sell the flat as the Net Yield is 9% and the flat easily gets rented. Basically, it will be our Pension.
At the back of my mind is if my kids or their grandkids want to sell the property it will be impossible to do so due to the increasing Ground Rent clause in the lease.
I have tried to get the other three leaseholders to buy the freehold with me but not I am getting anywhere. I think it’s cheaper to buy now than when the Ground Rent increases to £500 per year
Any advice or inputs would be much appreciated.
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