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:
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—Henry David Thoreau (1817–1862)
“The arbitrary division of one’s life into weeks and days and hours seemed, on the whole, useless. There was but one day for the men, and that was pay day, and one for the women, and that was rent day. As for the children, every day was theirs, just as it should be in every corner of the world.”
—Alice Caldwell Rice (1870–1942)