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:
“When we dream about those who are long since forgotten or dead, it is a sign that we have undergone a radical transformation and that the ground on which we live has been completely dug up: then the dead rise up, and our antiquity becomes modernity.”
—Friedrich Nietzsche (1844–1900)
“I have been breaking silence these twenty-three years and have hardly made a rent in it.”
—Henry David Thoreau (1817–1862)