"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.
On ground rent, the norm seems to be a base increase with further increases linked to retail price index. Again not exactly outrageous but also a bit more complicated to work out and verify. Personally I'd prefer the doubling.
"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.