Lease hold property - How do they work out the ground rent?

snd1966


Joined: 10/06/2009
Posts: 353

Message Posted:
30/01/2012 22:13

Is it based on the size of the property, access to the property, grounds it stands in, the area the property is situated.

The only things that come up always seem to mention nominal ground rent



It is possible to lease property from the TRNC government. Usually these are old houses which are in need of renovation and are leased for 49 years at a nominal ground rent. You have to apply directly, or using a solicitor, to the Ministry of Tourism.

A peppercorn in legal parlance is a metaphor for a very small payment, a nominal consideration

snd1966


Joined: 10/06/2009
Posts: 353

Message Posted:
30/01/2012 22:31

Maybe i should of stated why i would like to know, my parents have leased a property in Bellapais since 1987 and there is no way i would say their ground rent was

peppercorn

nominal

negligible

and other people in the area have a lot lower rent but their properties are a lot better accessible.

snd1966


Joined: 10/06/2009
Posts: 353

Message Posted:
31/01/2012 07:40

wishing a few people who had leases were on line last night so i did not go to the finance office completely unaware of how its calculated.

I suppose i will find out today when i query their 20% increase.