Leaseholders in Hitchin forced to pay due to a clause which ties ground rent with the value of land. Michael Gove wants to ban such leases, but his bill remains delayed
Leaseholder David Pickett borrowed £54,000 from his parents to extend his lease and pay his total ground rent bill of £15,000at Elgin House had paid a peppercorn ground rent to their freeholder – Quadron Investments Ltd – of just £25 per year.
David was able to agree with Quadron that if he paid so much upfront, he would have an agreed ground rent of £0 moving forward.David said they face “horrendous financial ruin” because of their huge bills. The Government has already banned ground rents on new homes. The Leasehold Reform Act banned ground rent on new leases on homes purchased after 30 June, 2022.The Leasehold Reform Bill is supposed to outlaw leases that allow for increases in ground rent if the value of their homes increases, which in this case Quadron argues it has.: “I think this sort of increase is outrageous and this is exactly what the Government’s reforms are designed to stop.
“I’d like to get rid of it now, but I can’t sell it because it’s simply not marketable. It’s made it very, very difficult for me.”Jonathan added that he thinks ground rent increases like the one he and the other Elgin House leaseholders are being subjected to are “grossly unfair”. “Our freeholder is trying to get as much as they can, while they can,” Jonathan concluded. “And in that sense, it’s the failure of the current Government to implement the changes that they’ve been talking about for such a long time.”The Elgin House leaseholders have written to Mr Afolami asking him to confirm with Mr Gove that leases like theirs will be banned.
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