Learn to prepare deed on redemption of ground rent
Ever thought of redeeming your ground rent from the owner & become the proud landlord of the leasehold property?
Property characteristics which can be redeemed of their ground rent are defined as below:
- Freehold property is the best interest an owner can earn in terms of a landed property
- The lessee pays an annual rent to the legal owner of the property
- The property is leased out for a definite period of time
Living on one’s own property is a matter of pride for the entire family & gives one a sense of ownership & security. A home where you have been living in for a while with your family makes you aware of the pros & cons of the locality, neighborhood & other available comforts & disruptions. Thus it becomes significantly wise to choose to stay on at the same place by preparing a deed on redemption of ground rent & buy back the property from the original landlord & become a proud owner of a comfortable property.
A lot of information needs be gathered so that you learn how you can prepare deed on redemption of ground rent:
- Get a legal contract of the deed if you are the lessee
- Obtain the ground rent receipt of the last payment made
- Make sure all the statutory declaration in place
- Send a notification to the owner post filing of the necessary documents
On completion of the legal procedure as per the provision of the constitution the lease will be awarded the property on paying the value agreed between the owner & the lessee.