Ground Rent Red Flag?

[itstheLG]

Hi All,

Ive just put an offer in on a flat in Manchester, i’m seeing a lot around ground rent exceeding the £250 mark- do I need to be worried? the ground rent is £350 and the service charge is £1178. Long lease at 979 years.

I’ve asked the agent regarding the review period of the ground rent and she will find out for me.

Any advise welcome please ☺️

Thanks!!

The issue with ground rent is how often it increases and by how much. Some, but by no means not all, double every 10 years which can make them unaffordable fairly quickly. It's something to check!

The estate agent is coming back to me on Monday regarding the review period, I am very cautious to proceed! this could affect the value of the flat when I come to re sell.