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Yeah I assumed the cost was per flat but actually I think it's for the whole freehold. Its a strange amount because there's 55 flats, 20 are owned by Hyde for affordable housing, that leaves 35 flats so why are they asking for 24 x total ground rent.
Sumo-
The affordable flats might still pay ground rent to the freeholder. My guess is from the freeholder's POV they would be on similar leases to the normal flats. Could be wrong.
One of the things to make sure happens is getting hold of copies of everyone's leases ASAP rather than guessing that everyone is on the same (or different) terms.
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It’s not something I have come across before. It could be a result of the forthcoming leasehold reform act.
Edited to add: The Law Society has published a report on freehold valuation that explores the idea of ‘a simple multiplier’ of ground rent as a basis.
grams
Sharkstar
If that 240k is per flat it’s insanely high, if it’s across all flats in the block it’s a bargain. The value of the freehold is usually based on the net present value of the future cash flows from the ground rents across the block. If you look at your lease you can get an idea of what that might be for your flat at least, then multiply by the number of flats. You need to take into account any ratchets towards the end of the lease term.