GroundRentsWanted - Elmdon Real Estate


info@groundrentswanted.com

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Why Should I sell my Ground Rents?
Frequently Asked Questions
Should I sell my Ground Rents to the leaseholders or you?

Frequently Asked Questions

  1. Do you charge for valuations?
  2. Will I have to pay any fees ?
  3. What is a ground rent?
  4. What if I know only the address of my ground rents but no other details?
  5. When should I maintain insurance on the properties up until?
  6. What happens to the ground rents when they are sold?
  7. What if I can’t find all the details of my ground rents?
  8. How long does it take to value a ground rent?
  9. How long does it take to sell a ground rent?
  10. How are ground rents created?
  11. How do I sell my ground rent?
  12. Why do people sell ground rents?

Do you charge for valuations?

No, never. We offer this as a free service with no obligation, and many people are surprised at the value of their interest. Please click here for a valuation.

Will I have to pay any fees ?

No we are not agents we are buying for ourselves, so we don’t charge vendor’s fees or legal costs.

What is a ground rent?

A ground rent is created when a freeholder grants a long leasehold interest from the interest to a third party. This lease length be as little as 21 years up to 999 years. There is an annual amount payable, a ‘ground rent’, and this can vary from a  peppercorn up to £400 for some apartment schemes. GroundRentsWanted can provide developers with free lease templates to ensure the optimal lease terms are put in place at the time when apartments are being sold, please contact us to receive these.

What if I know only the address of my ground rents but no other details?

That’s fine, we can obtain this information from the Land Registry. Please just email what you have to us at info@groundrentswanted.com 

When should I maintain insurance on the properties up until?

Until transaction has been concluded . We will apportion insurance and ground rent monies held by you on completion.

What happens to the ground rents when they are sold?

We will become the landlord, and retain the ground rents as a long term investment. The long leaseholders will be informed of the sale, and we will act in a responsible manner as their new landlord.

What if I can't find all the details of my ground rents?

If you don't have all the information to hand you can give us the full street address and postcode, and we can obtain the relevant information free of charge from the Land Registry.

How long does it take to value a ground rent?

GroundRentsWanted can value a ground rent in circa two working days.

How long does it take to sell a ground rent?

Circa 8 weeks from agreeing a sale for ground rents on flats, circa 3 weeks for ground rents on houses. The 8 weeks is because of the mandatory 2 month period in which the long leaseholders have a right of first refusal. This is upon the receipt of the Section V notice's, which GroundRentsWanted serves free of charge on behalf of the vendor.

How are ground rents created?

A ground rent is created when a freeholder( or head leaseholder) grants a long leasehold interest on part of their property. An annual ground rent is received by the superior landlord, usually with a contribution towards the service charge and insurance costs.
Most ground rents were created from the 1980's onwards, and the start dates of leases largely tracks the residential property cycle.

How do I sell my ground rent?

You will need to provide us with the following information in the online form or by phone
•Annual income
•Lease length
•Approximate lease start date
•Number of units

We will then make you a written offer with our solicitors details, which is valid for two months from receipt.

Why do people sell ground rents?

A variety of reasons

•To free up funds for other property purchases ( land/future development projects)
•They are tired of the administration/invoicing hassle
•Moving abroad
•To release a capital sum to invest elsewhere