What is Ground Rent when purchasing a commercial property?
Ground rent is a charge imposed by an owner on a property. There are two Main types of ground rents – PERPETUAL and TEMPORARY, each of which has 2 variants – REVISABLE and NON-REVISABLE. Normally ground rents are paid yearly (in advance or in arrears) and whenever a property subject to a ground rent is sold, a LAUDENIUM (recognition fee) is due on contract.
