💬 'Ground rent increases charged by the freeholder are reducing my flat's value - what can I do?' ⬇️ A mortgage expert responds
Money ClinicGround rent increases are creating a two-tier property market, a reader suggestsGot a question about mortgages? Email in and we’ll get one of our experts to reply. Andrew Montlake, a mortgage broker with Coreco, has given his advice to a reader below. If you have a question for our experts, email us atI am considering doing a statutory 90-year lease extension on my flat.
I would be interested to know just how much of a problem this is becoming and is it really worth spending a significant amount of money to achieve a zero ground rent? How many lenders would refuse a mortgage on a flat based on this? I am worried that if I don’t zero the ground rent my flat will only be attractive to cash buyers in the future and the price that I can achieve will be less. Also, all new-build flats since last summer now come with zero ground rent, as a result of legislation change on new-build leasehold flats. I feel we are heading for a two-tier system favouring new-build flats.
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