Common Contracts
1 similar Peppercorn Rent Agreement contracts
Peppercorn rent agreement templatePeppercorn Rent Agreement • August 5th, 2023
This is because flats share common areas that need to be maintained. So, a freeholder is put in place to take responsibility for the building on behalf of the leaseholders. Freeholders will usually charge leaseholders a regular service fee in order to maintain the building. A lease is a contract between the freeholder and the leaseholder, which makes each side aware of their rights, responsibilities and obligations regarding the property. In return for occupying the property on their land the freeholder will request a ground rent from the leaseholder, which must be paid throughout the duration of the lease term as specified in the lease.This varies between property and location but on average, owners of new leasehold homes pay around £300 per annum and sometimes as much as £700 per annum[ii]. Ground rents can be fixed throughout the lease term, but many modern leases contain escalating ground rents. These enable the freeholder to increase the amount of rent payable by a specified amoun
