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"modernised" here likely means screw over the lessee.
For example the reserve fund for repairs. A good idea in principle. But who does the estimating about how big the payments need to be. And who gets the benefit of any interest the reserve fund earns in periods between repairs. And who decides on what contractors the freeholder uses (is his buddies who overcharge)?
The doubling of ground rent every 25 yrs equates to about a 3% annual increase in ground rent. Not outrageous but a bit on the steep side given current long term risk free interest rates.
Zerostar
ReekBlefs
Thanks for that, I'll make sure it's the right one.
This is the letter from the freeholder's solicitors to the current owner in response to their request to renew the lease a year ago. Are these the kind of terms that I need to worry about and avoid, or are they ok?