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:
“Having interr’d her Infant-birth,
The watry ground that late did mourn,
Was strew’d with flow’rs for the return
Of the wish’d Bridegroom of the earth.”
—Edward Herbert (1583–1648)
“I have been breaking silence these twenty-three years and have hardly made a rent in it.”
—Henry David Thoreau (1817–1862)