It came about (I have just read) due to the Statute of Quia Emptores in 1290 and grew into a widely adopted system which, as with anything 'legal', has spawned huge amounts of case law, and complicated provisions. I think of all the time I have thought about how to value it (being the amount of the rent for the land only, rather than for the building itself that inevitably stands on it) or of the 'marriage value' (the amount that represents the additional value created by merging interests). I also think about back in the 1990s, before reforms brought about by the Evening Standard's campaign to clean up leasehold property, of all the time I spent threatening to forfeit leases for non-payment of the ground rent.
Of the cases that have been fought where landlords were able to take away a leaseholder's ownership of the property due to a small debt owed for the ground rent. And the fact in recent years developers have put in ratcheting provisions that mean that what starts off as a small amount quickly becomes a huge additional expense for the leaseholder. OK scratch the 'feeling sad' part - it has been abused to the point where is had to go. And there are many ground rents that will continue to exist for a long time to come, so not 'gone' just 'no more being created'. Move along, nothing to see here... Comments are closed.
|
Subscribe (below) to our free Newsletter for Negotiation Tips, Tricks and Training
AuthorRichard Marshall is an Accredited Civil and Commercial Mediator with over 25 years experience as a Litigation Solicitor, as well as being a qualified Solicitor-Advocate. He is the founder of Striving to Settle, through which he works as a mediator and provides negotiation training. www.strivingtosettle.co.uk Archives
August 2022
|
Your subscription could not be saved. Please try again.
Your subscription has been successful.