Skip to content. If a property has a leasehold or fee farm grant title the owner will have agreed to pay an annual charge, known as ground rent, to the person who owns the freehold. The Ground Rents Act NI allows homeowners of long leases on residential property in Northern Ireland to buy out redeem their ground rent. The Act also applies to residential property held under a fee farm grant, but there are certain exceptions set out in Section 3 of the Act:.
The completed form and a copy of your lease or fee farm grant should then be sent to the rent owner. Information on how much it will cost to redeem your ground rent can be found in the Redemption of ground rent forms and guidance. The ground rent system dates back to the 18th century. You have the right to redeem your ground rent at any time while you own the leasehold interest!
If the ground rent was created after April 8, , the owner is required to sell you the ground rent if you ask to purchase it. The State of Maryland currently regulates the purchase prices for ground rents using a special algorithm. The lessee has 30 days to comply or else forfeit future collections pursuant to the lease. Should you wish to purchase your ground rent but are unable to afford it, the Maryland Department of Housing and Community Development offers a Ground Rent Redemption Loan Program through which income-eligible homeowners may redeem their ground rent.
The concept of ground rent in Baltimore and surrounding counties may be traced back to colonial times, when colonists who wished to settle in the area paid taxes to Lord Baltimore for the right to do so.
As the old English lordship system was phased out, enterprising investors bought tracts of land from the newly sovereign colonial governments and allowed tenants who otherwise could not purchase land for themselves to make small, incremental rent payments as a less-expensive alternative to land ownership. The practice was especially popular in the years following the American Revolution as many who were previously landowners were forced to begin again from scratch.
Ground leases offered a post-war solution that required little initial investment, but afforded people with all the substantive perks of ownership, including a degree of sovereignty over their home.
The specific terms of these early leases were as arbitrary as they were various, but the popular practice was to set the leases to a term of 99 years with provisions for indefinite renewals thereafter so as to avoid the rule against perpetuities. The practice of drafting ground leases soon gave way to a higher rate of land ownership and more traditional landlord-tenant leases in which the landlord also owned the dwelling space.
Ground rents then resurfaced in Baltimore following the Second World War as investors bought up much of the land left vacant by those fighting overseas and drafted ground leases for the properties. When the soldiers returned to settle down and raise families, there was an enormous demand for low-cost home ownership in the City and surrounding counties. Many who were unable initially to afford both the land and the home built upon it jumped at the opportunity for small annual payments on the land in exchange for a larger initial investment in the home.
Many of these leases, too, were drafted to expire after a period of 99 years, hence the lingering prevalence in the area. Almost all of the remaining national instances of ground rent are confined to the Greater Baltimore area, isolated areas of Pennsylvania, and most of Hawaii. Despite the irregular nature of ground rent law, many of the same provisions apply as to normal landlord-tenant relationships. If one pays his or her ground rent, the ground leaseholder receives payment on land that they own, and in return the lessee homeowner continues to justify his or her dwelling on the property.
In order to successfully register a property subject to a lease hold, in part, the name of the Grantee in the referenced deed must match the name of the lease holder identified on the application. An application cannot be processed without this information and will be rejected. Please note that SDAT is unable to provide assistance with title searches. The Department's duties and responsibilities respecting the registration of ground rents are ministerial.
In registering a ground rent or refusing to register a ground rent, the Department does not conclude the existence of a ground rent or lot and cannot determine or create an assumption that the information provided by the registrant is complete, current and accurate.
SDAT and its employees and agents are immune from any liability resulting from inaccurate, incomplete, or illegible information submitted in a ground rent registration form. If you require immediate verification of the status of a ground rent, please contact a legal professional for assistance. The Ground Rent Registry also provides information concerning each property for which an Application for a Ground Rent Redemption has been accepted by the Department.
If a ground rent redemption filing exists, the registry will indicate that an Application for Ground Rent Redemption has been filed; whether the redemption amount has been paid and a Ground Rent Redemption Certificate has been issued; and if a payout has been authorized by the Department to the lease holder of record.
0コメント