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Since no one else has mentioned it, in the UK (and other Commonwealth countries) these are called "peppercorn" rents: https://en.wikipedia.org/wiki/Peppercorn_(
by bshimmin 10y ago
Since no one else has mentioned it, in the UK (and other Commonwealth countries) these are called "peppercorn" rents: https://en.wikipedia.org/wiki/Peppercorn_(legal) https://en.wikipedia.org/wiki/Peppercorn_(legal)
On my previous house, we had a leasehold of just our garage, oddly, with a peppercorn rent of £1 a year. Being young and innocent, I did ask whether I actually had to pay this, but my solicitor just laughed.
- ColinDabritz 10y agoFor the other side of that laugh, see Richard Feynman's "I want my dollar!" story: http://www.e-reading.mobi/chapter.php/71262/33/Feynman_-_Surely_Youre_Joking,_Mr._Feynman__Adventures_of_a_Curious_Character.html http://www.e-reading.mobi/chapter.php/71262/33/Feynman_-_Sur... (Find "I want my dollar!" toward the bottom of the page) It turns out there was technical paperwork signing over patent rights to the government at a dollar each...
- danieltillett 10y agoI remember asking the same thing when I was a young researcher at my university too. I never got my dollar.
- inopinatus 10y agoMy grandmother lived most of her life in an enormous Edwardian apartment in Hampstead, North London. The place was worth over GBP3MM last I looked, but she paid the fixed rent of seventy pounds a year that had been negotiated in the 1930s with no termination or renegotiation possible until she left in the late '90s. (Note: the relative value of seventy pounds in 1930 isn't a simple conversion, because economic conditions have changed. See https://www.measuringworth.com/ukcompare/relativevalue.php?use%5B%5D=CPI&use%5B%5D=NOMINALEARN&year_early=1930£71=70&shilling71=&pence71=&amount=70&year_source=1930&year_result=2016 https://www.measuringworth.com/ukcompare/relativevalue.php?u... for a discussion).