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Ground Rent Over 250 Housing Act 1988. There are provisions (for example, relating to assured tenancies under the housing act 1988), which apply to residential tenancies where long leases at a low rent are excluded. Until fairly recently, it was considered a simply academic point as to whether a long lease of a residential property could create an assured or assured shorthold tenancy (ast), meaning a leaseholder might lose their property if there were ground rent arrears under the ast legislation i.e.
Is your long lease an AST? nexa law from www.nexa.law
A long lease will qualify as asts once the ground rent exceeds £250 (or £1,000 in london) a year. We live outside of london as well. Not many people, and that includes the vast majority of lawyers, know that any long lease commencing after the housing act 1996 came into force is potentially an assured shorthold tenancy (ast) if:
The Ground Rent Is Over £250 Per Year (Or £1000 Per Year In London);
(a) is unpaid on the date on which the proceedings for possession are begun; Onerous ground rent levels are a cause of concern. However, the buyers solicitor is questioning the ground rent as at some point it will double to over £250 (16 years to be precise) which will then make the lease over the housing act threshold.
It Is Becoming Increasingly Common To See Leasehold Properties With High Annual Ground Rent Or Escalating Ground Rent.
The current levels dictate that when a ground rent exceeds £250 per annum. The housing act 1988 deems long leases over 21 years where annual ground rents exceed £1k in london and £250 elsewhere, i.e. If you are buying a leasehold property with a ground rent over £250 (over £1,000 in london), then the lease falls within the housing act 1988 and will be an ast.
Ground Rents That Are (Or Will Be In The Future) In Excess Of £250 Per Annum (Or £1,000 Per Annum In Greater London), Could Be A Cause For Concern.
A) the ground rent is over £250 per year (or £1000 per year in london); Most leases that reserve a ground rent are usually granted for a premium and are long leases. (b) except where subsection (1) (b) of section 8 of this act applies, was in arrears at the date of the service of the notice under that section relating to those proceedings.
A Better Solution Is If The Landlord Agreed To Vary The Terms Of The Lease To Limit The Ground Rent Below The Threshold Of £250.00 Or £1000.00 In London.
Due to this, lenders have become more wary and will simply not lend for flats with a ground rent which already exceeds £250 outside of london, or £1,000 in london. The problem with your lease being classed as an ast is that the freeholder/landlord can potentially bring the lease to an end by proving one or more of the grounds for possession set out in schedule 2 of the housing act 1988. It puts an end to ground rents.
If The Tenancy Was Granted On Or After 1 April 1990, Those Where The Annual Rentis £250 Or Less, Or £1,000 Or Less In Greater London (Paragraph 3A, Schedule 1, Ha 1988).
Where the ground rent is £250 or more a year, buyers and lenders may class it as unfair and unreasonable. Lease forfeiture means the lease of a property is brought to an end. The buyers solicitor has requested that we get a deed of variation to cap the ground rent at £250pa only during the.
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