Ground rent, sometimes known as a rentcharge, is a regular payment made by the owner of a leasehold property to the freeholder, as required under a lease. A ground rent is created when a freehold piece of land or a building is sold on a long lease or leases. The ground rent provides an income for the landowner. A building can be either sold as a single house or divided as flats.
Ground rent should not be confused with Chief Rent (confusingly also known as a rentcharge) payable on some freehold property in North West England.
Read more about Ground Rent: History, Valuation, United Kingdom, Republic of Ireland, United States of America
Famous quotes containing the words ground and/or rent:
“O how can it be that the ground itself does not sicken?
How can you be alive you growths of spring?
How can you furnish health you blood of herbs, roots, orchards, grain?
Are they not continually putting distemper’d corpses within you?
Is not every continent work’d over and over with sour dead?”
—Walt Whitman (1819–1892)
“Underneath the inharmonious and trivial particulars, is a musical perfection, the Ideal journeying always with us, the heaven without rent or seam.”
—Ralph Waldo Emerson (1803–1882)