Leasehold land – a ticking timebomb

Resident abandons property at foot of One Tree Hill as ground rent soars from $8,300 a year to $73,750

The owner of a $2.1 million Auckland house has abandoned her property, after leasehold payments skyrocketed from $8,300 a year to more than $70,000.
The nightmare over the home on its huge leasehold site at the foot of One Tree Hill went to court but has not yet been resolved.
The case has implications for others who own properties on leasehold land.
Neighbours expressed horror about the situation, saying they now feared massive increases in ground rent and others abandoning their houses in the desirable, leafy area. …

Read on at NZHerald

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