Is it better to buy Ground Rent to stop it paying every year?

Landlord Discussion Property Investment
1

Hi,
A friend of mine is paying £1 / year as ground rent.

The agency which charges sent a letter to him saying if he pays £100 he can buy out the ground rent and he does not need to pay anymore ground rent.

Is it better to buy it out?
Do we need a solicitor to buy out the ground rent?
Hope we need to apply to the land registry as well.

Thanks

2

is it better? Well, does he plan to live for 100 more years?

prob not

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3

That sounds a bit weird. Buying out the ground rent is usually part of a lease extension process which involves solicitors. That may be worthwhile if the lease is short but will cost a few K in legal fees. Unless the agreement in question actually varies the lease it will have no legal standing and can just be reversed.

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4

Thanks @David89 for the reply