Published: 5th Dec 2018

Whaley Bridge With property developers inserting clauses into leasehold contracts and demanding three and even four-figure annual ground rent sums, leasehold properties have evolved into a headache-inducing financial burden for both owners and buyers. What’s condemned as a ‘money-grabbing scheme’ isn’t confined to apartments in London, city centre urbanisations or green belt new-build developments, it’s a problem plaguing rural communities and often exposing the less affluent to economic burdens. The High Peak, a rural borough of north-west Derbyshire, is architecturally-defined by predominantly stone-built, terraced properties and is now witnessing the financial pitfalls of leasehold properties. In a leasehold contract, the homeowner owns the property but the land the house is built on is effectively owned by the freeholder, or landowner. The homeowner has to pay a yearly ground rent to the freeholder. The annual ground rents homeowners pay to freeholders for old properties in the Peak … (To read the full article, subscribe below)