Thanks for your question.
If I understand this correctly you own the flat and the ground rent has increased from £25 p.a to £454 p.a.
The lease of the flat will set out how and when the ground rent can increase.
First thing to do is check the lease to make sure the ground rent increase is valid.
If you attach a pdf of the lease in a reply I can check it for you.
I hope this helps you.
Please remember to leave a positive rating so I can achieve credit for helping you.
If he can scan it as a pdf you can attach it to a message and I can check it for you, no problem.
Just following up to see if you have found a copy of the lease? You can buy a copy for less than 10 pounds at the land registry. You can sign up to the land registry website and download a pdf.
Just wanted to mention a lease extension to you. You will qualify as you have owned for in excess of 2 years.
Now this is necessary when the unexpired residue of the term gets to around 85 years. Lenders then start to take an adverse perspective which could mean that buyers cannot get finance. Get to 80 years and the marriage value becomes applicable increasing the cost.
Why is this relevant to a ground rent question? Well under the statutory framework for extensions you get an additional 90 years at a peppercorn rent. Peppercorn is effectively zero.
You can work out the potential premium by using the calculator on lease-advice.org
Hi. Do you still need help?
Do you still need help? Happy to email or discuss on the phone. Just let me know.