Stevenage MP Stephen McPartland highlighted problems many leaseholders face with ground rents, when trying to sell their properties during a debate he led in Parliament. However, one company has already come forward to help find solutions that are fairer to tenants.
Stephen McPartland MP said, "Following the debate I led in Parliament about the problems doubling of ground rents is causing with leaseholders in Stevenage, I am pleased Adriatic Land 5 Ltd has come to the table to find solutions that are fairer to tenants.
"To start, the leaseholders in Six Hills House, which I highlighted as an example of ground rents doubling periodically, will instead have ground rents with increases limited to RPI. Most importantly this means they do not have to pay any large legal fees to vary the lease and reduce the concerns raised by mortgage companies. It is a fantastic step towards a fairer deal for leaseholders."
The debate is about the impact of companies, such as Adriatic Land 5 Ltd, holding freeholds and charging ground rents. Often these rents double every ten to fifteen years and have other conditions. This can prevent affected leaseholders in Stevenage from re-mortgaging or selling their properties.
Has your ground rent increased recently? Watch the debate I am leading here