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Ground rent. As a legal term, ground rent specifically refers to regular payments made by a holder of a leasehold property to the freeholder or a superior leaseholder, as required under a lease. 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 ...
For example, a property may have a value of £300,000 if it has a 99 year lease but only be worth 85% of that value if the lease has only 70 years remaining. If the leaseholder with 70 years unexpired is entitled to extend the lease to 99 years or more, they have the opportunity to increase the value of their interest in the property by £45,000.
In response to the ground rent scandal of the 2010s, the Leasehold Reform (Ground Rent) Act 2022 defines a peppercorn rent for the first time in English law as an annual rent of one actual peppercorn and limits ground rent on most new residential long leases to that amount. Besides there being no obligation for a landlord to actually levy the ...
The lease expires after the primary term, unless drilling or oil and gas production has started on the lease. If production is established, the lease will remain in effect past the primary term, as long as the lease continuously produces oil or gas. The lease can however, be revived by virtue of delay rentals.
A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant has rights of real property by some form of title from a lessor or landlord. [1] Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property. Leasehold is a form of land tenure or ...
A lease is a contractual arrangement calling for the user (referred to as the lessee) to pay the owner (referred to as the lessor) for the use of an asset. [1] Property, buildings and vehicles are common assets that are leased. Industrial or business equipment are also leased. In essence, a lease agreement is a contract between two parties: the ...
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