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Edited by administrator Admin2 September 3, 2020, 1:14 pm
Yes Peter.Buying the freehold would have cost £200 (a large amount at the time) and he would own the land outright. That was the problem which even exists today. Large amounts have to be paid for the freehold making the annual payment look quite cheap. And many took the view that they would be dead in 99 years and as a result left a depreciated or zero value asset to their children
Continuing to pay the ground rent... £240 for 60 years -he paid more, and at the end he would have to return the land and building to the freeholder.
And the nearer the lease is to its termination the premium paid to own the freehold would rise expontially to a level which which probably makes purchase unrealistic
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