Business

I’m trapped in my leasehold property by ever-doubling ground rent

I was unaware of this clause in my contract when I bought the flat

I am a homeowner trapped in a leasehold property which seems unsaleable. When I bought the 11-year-old flat five years ago I was unaware of a clause in the contract which allows the ground rent to double every 10 years. It was £250 when I moved in and has since risen to £500. In another nine years it will be £1,000 and then no one will want to buy it. AC, Coventry

Ground rents have become lucrative business for developers who sell the freehold to investment firms who then profit from the annual income.

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