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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.
Differential ground rent and absolute ground rent are concepts used by Karl Marx [1] in the third volume of Das Kapital [2] to explain how the capitalist mode of production would operate in agricultural production, [3] under the condition where most agricultural land was owned by a social class of land-owners [4] who could obtain rent income from farm production. [5]
Ground rent – Rent for the ground where a tenant can do property development; Lend-lease – WWII program to provide U.S. allies with free armaments; Rule against perpetuities – Legal rule prohibiting very long temporary interests in property
The narrower term 'tenancy' describes a lease in which the tangible property is land (including at any vertical section such as airspace, storey of building or mine).A premium is an amount paid by the tenant for the lease to be granted or to secure the former tenant's lease, often in order to secure a low rent, in long leases termed a ground rent.
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In order to account for the usage of the land, the net operating income is reduced by the Liegenschaftszins (interest paid to the land-owner by the owner of the building, i.e., ground rent). The Liegenschaftszins is the product of the land value and the Liegenschaftszinssatz (interest rate for land use).
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