Estate Agents In York

Sunday, March 31, 2019

Homeowners caught in a crippling ground rent trap

A clause in their lease doubled the bill every 15 years, meaning mortgage lenders steered clear

Sahar Nejabati planned to sell her flat before she got married in order to buy somewhere more spacious to raise a family: but buyers would not touch it because of a clause in the lease under which the ground rent doubled every 15 years.

Mortgage lenders steer clear of homes with onerous ground rent clauses, so it can be difficult for sellers to find a buyer or remortgage.

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from Property | The Guardian https://ift.tt/2Up0F28
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