With buying or renting property comes many factors to consider, which is why if you are in a busy area such as Birmingham, estate agents bromsgrove are worth considering to help you and find a solution. Your landlord is not supposed to increase your ground rent. You are just supposed to pay the amount stipulated on the lease and it is usually a fixed amount of money that you are supposed after every year. However, in the recent years some freeholders are including a clause in the contract that allows them to double the ground rent after a specific period of time and if you are not careful while you are signing your contract you might find yourself accepting to that and you will have no otherwise but to pay the increased ground rent. This is why it is very important to involve a solicitor when buying properties in order to avoid ground rent scandals like that.
In recent years some contracts allows the landlords not just to increase the ground rent amounts but to double it after every 10 years! This means if you are paying a ground rent of 300 pounds per year after 10 years you will be paying 600 pounds and after 20 years you will be paying 1200 pounds. This will continue for all the time that you will be living in that house. You can just imagine the amount of money you will be paying in like fifty years. Estate agents bromsgrove may be able to help you find a solution if you are struggling with ground rent in the West Midlands.
This is irregular and something needs to be done but in the meantime, avoid being caught up in such scandals by making sure you read all the causes of the contract carefully and if you don’t understand maybe you can ask for help from a solicitor.