9:44 AM, 23rd November 2014, About 8 years ago 25
First post here but I’ve been reading for a while and this is a great resource.
I’m nearing the end of my first BTL purchase of a flat but there are a few things to be finalised with the solicitor…. We put an offer in on the flat knowing that the lease was being extended to 125 years and knowing that the ground rent was £25 per year.
The purchase has been dragging on a little time now, so I made contact with the solicitor and she informed me that she’d had the lease extension info through. The new lease is indeed 125 years, but the ground rent has increased from £25 to £250 a year and rising after every 10 years according to the following formula – £250 x latest RPI / initial purchase date RPI.
I’ve emailed the solicitor stating that this isn’t the deal I signed up for and I’m awaiting a response.
Is this a matter to take up with the seller/estate agents or the solicitor??
Any advice and what are my options?
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