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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.
The UK Parliament at Westminster passed further Land Acts for Northern Ireland after the Partition of Ireland, such as the Northern Ireland Land Act 1925 (15 & 16 Geo. 5. c. 34), the Northern Ireland Land Act 1929 (19 & 20 Geo. 5. c. 14) and the Northern Ireland Land Purchase (Winding Up) Act 1935 (25 & 26 Geo. 5. c. 21).
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 law of rent states that the rent of a land site is equal to the economic advantage obtained by using the site in its most productive use, relative to the advantage obtained by using marginal (i.e., the best rent-free) land for the same purpose, given the same inputs of labor and capital.
The Leasehold Reform (Ground Rent) Act 2022 (c. 1) is an act of the Parliament of the United Kingdom. It defined the peppercorn rent as a price of one peppercorn per year and prohibited ground rent greater than that price on new leases.
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An Act for carrying to the Consolidated Fund certain Monies paid into the Exchequer, and usually applied as a Part of the annual Aids and Supplies; and for cancelling Stock transferred to the Commissioners for the Reduction of the National Debt on account of the Redemption of Land Tax.