Ground rent and service charges are two common charges associated with leasehold properties in the UK.
Ground rent is an annual fee paid by the leaseholder to the freeholder or landlord of the property. It is usually a relatively small amount, and the lease will specify the amount and when it is due. Ground rent can increase over time, so it is important to check the lease to see if there are any increases scheduled.
Service charges are fees paid by the leaseholder to cover the costs of maintaining and running the building and communal areas. This can include things like cleaning, gardening, repairs, and maintenance. The cost of service charges can vary significantly depending on the type of property, the location, and the level of services provided.
It is important to carefully review the terms of the lease and the costs associated with ground rent and service charges before purchasing a leasehold property.
