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In this sense, a ground rent is created when a freehold piece of land is sold on a long lease or leases. [1] The ground rent provides an income for the landowner. [2] In economics, ground rent is a form of economic rent meaning all value accruing to titleholders as a result of the exclusive ownership of title privilege to location. [3] [4]
They are often known as chief rents in the north west of England but the term ground rent is used in many parts of the country to refer to either a rentcharge or a rent payable on leasehold land. [1] This is confusing because a true ground rent is a sum payable in relation to land held under a lease rather than freehold land.
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More important was the fact that tenants had the right to take their rents to the Land Court for reduction under the fair rent clause, where in most cases a reduction of between 15% and 20% was awarded. [11] Despite a short-term reduction of rents (by about 20% by 1882) this act can generally be seen as economically ineffective.
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