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Got Questions about Ground Rents
These answers should help Else call us today!
To help make selling your freehold, and ground rents, as simple and easy to understand as possible – we’ve put a section of frequently asked questions together to help. If you have another question, or would like to find out more, please give us a call on 0207 305 5825 or email email@example.com.
We have a blog dedicated to ground rents, leasehold news and answers to in-depth questions. Take a read through here: https://www.sellmygroundrents.com/blog/
No, all our valuations are provided as a no obligation free service – helping us value and make an offer to purchase ground rents. Depending how short or long the leases are, you may be surprised by the offer that we can make and tied up equity that can be released.
SellMyGroundRents are freehold ground rent investors and buy for ourselves, we do not charge a fee to our vendors, so you only have you pay your legal fees. If you need a specialist leasehold solicitor to advise on the sale, we can recommend some competitively priced conveyancers.
A ground rent is an amount specified in a lease, typically demanded bi / annually. The ground rent is typically set in the original lease when the property was built or developed, occasionally when leases are extended informally ground rents are kept in the terms and increase to a new set amount. The freeholder, either the original developer or an investor, will then continue to charge the leaseholders this ground rent annually. For more information, read our blog post on ground rent here.
The minimum we require is a property address and post code, further information such as number of units, management, insurance, ground rent, leaseholders, etc always helps when valuing to make an offer. Just send these details to firstname.lastname@example.org.
Until transaction has completed, the current freeholder (or management company) will be responsible for insuring the buildings. Typically, on completion we ask the existing policy be cancelled – as Sell My Ground Rents will shall be responsible therein.
The time taken varies depending on a freehold’s complexity, a property with two units may only take a couple hours whilst a larger site may take 3 – 5 working days.
Usually, we conduct desktop valuations to decide a freehold’s value and verify by contacting a few local estate agents to ensure details are correct. Once complete, the valuation is reviewed and offer made.
Numerous factors decide the freehold ground rent’s value, from lease length, ground rent and whether it increases, whether the freeholder manages and insures the building to the individual flat values. To find out, complete our web form for a valuation here.
At Sell My Ground Rents we aim to purchase and complete on grounds as quickly as legally possible. When offering to buy the freehold for a block of flats leaseholders must be offered the first right of refusal to purchase, they are offers just over 2 months from when the notices are served to accept. Assuming leaseholders do not accept, Sell My Ground Rents can then proceed to complete the transaction. We aim to complete our purchases within 2 weeks of section 5 notices expiring. Selling a ground rent typically takes 10 – 12 weeks.
- To release tied up equity to invest in other property purchases
- Remove the burden of managing leaseholders
- Stop the hassle of maintaining buildings
- No longer have the hassle of collecting ground rents
- They do not want to bank roll freehold buildings further, whether costs are collected in arrears
- Fed up of the administration and hassle of leaseholders
- Inherited a property through probate, and do not want the associated hassle or burden