After you have logged into your account you can update, or just check out, your contact details on the 'My Details' page. This video is a quick overview on how to do just that and, for best results, please view it on a tablet or desktop computer.
When you first sign into your account you need to confirm your details. The "Pay" button has also moved. We have tried to demonstrate what to expect when accessing your account for the first time and have created a quick video showing you this process. For best viewing results, please view this on a tablet or desktop computer.
HomeGround offers four different payment options:
Paying your ground rent is usually a condition of your lease and is an unavoidable legal requirement. You will need to prove you have paid your ground rent before you can sell your lease or make property alterations.
We issue ground rent demand notices 30 days before the due date (in accordance with the Leasehold Reform Act) and there are penalties for non-payment. If we have not received a payment from you 14 days after the due date, we send:
If you have a query about a ground rent notice or reminder, or you have difficulty paying, then please contact us as soon as possible and we pledge to deal with your queries as effectively as possible.
Unfortunately, ground rent is based on the property rather than on ownership and under the Limitation Act of 1980 you could be liable for up to six years of ground rent arrears.
Your solicitor should have advised you about any ground rent arrears at the time of purchase. If they didn’t you may need to seek independent advice.
If you pay using HomeGround's online system, you can view your payments on My Transacitons or request a statement emailed directly to you from your My Dashboard.
If the sale is completed before the invoice is due to be paid, we will update our records and reissue the invoice to the new owner.
If the sale is not completed by the date payment is due, as the leaseholder you remain liable for the ground rent and the outstanding amount will need to be settled in full. Your solicitor should arrange for you to be reimbursed by the purchaser for the period when you are not the leaseholder.
Underinsurance due to incorrect building reinstatement values is one of the most common issues when it comes to the equitable settlement of insurance claims. It is essential therefore, to get this right in the first place. This guide explains how and why we instruct a valuation of your property.
A Reinstatement Cost Assessment for building insurance purposes is a professional calculation of the cost to rebuild a property, including, demolition, professional fees and VAT. This should be carried out by a fully qualified and RICS regulated organisation / person, who will advise on the correct Declared Value which should be used for insurance purposes
A Declared Value is the value declared to insurers as the full cost to reinstate the building if this were totally destroyed (including demolition, professional fees and VAT). The Declared Value is one of the key factors used by insurers to calculate the insurance premium they require for the insurance cover provided.
The insurance policy contains an average condition that stipulates that if at the time of a claim, the Declared Value shown on the insurance certificate is less than the actual cost to reinstate, the insurer only needs to pay the same proportion of the claim as the Declared Value represents of the actual value at risk.
For example, should your property be insured for an amount which is 50% of the total cost to rebuild, then ANY claim made will be
settled by insurers at 50% of the total claim/reinstatement cost, as shown below:
The average clause does not apply provided that valuations are carried out by qualified RICS members at regular intervals and the results provided to insurers, and an inflationary increase (index linking) is applied at each policy renewal in the years between an RCA.
‘It is prudent to incorporate recommendations within the report to the effect that the client needs to reassess the declared value on a regular basis, with an annual adjustment to reflect inflationary effects, and a major review and reassessment every three years, or earlier should significant alterations be made to the insured property.’
RICS GUIDANCE NOTE, FEBRUARY 2018
To protect against inflationary increases to the costs of material and labour to reinstate, insurers apply a UK average percentage increase to the declared value at policy renewal. Ensuring therefore, that the Declared Value remains true over the years.
The percentage increase is calculated using the RICS Building Cost Information Services – an industry recognised data set.
It is critical that Reinstatement Cost Assessments are carried out on a regular basis to ensure you have the appropriate level of insurance cover. Some insurance policies will specify maximum periods of time between each RCA, and others require these are carried out “regularly” but don’t specify how frequently this is.
As always, the HomeGround insurance team are here to help, please contact us at insurance@homegroundonline.com with any queries. Stay safe.
A Reinstatement Cost Assessment for building insurance purposes is a professional calculation of the cost to rebuild a property, including, demolition, professional fees and VAT. This should be carried out by a fully qualified and RICS regulated organisation / person, who will advise on the correct Declared Value which should be used for insurance purposes
A Declared Value is the value declared to insurers as the full cost to reinstate the building if this were totally destroyed (including demolition, professional fees and VAT). The Declared Value is one of the key factors used by insurers to calculate the insurance premium they require for the insurance cover provided.
The insurance policy contains an average condition that stipulates that if at the time of a claim, the Declared Value shown on the insurance certificate is less than the actual cost to reinstate, the insurer only needs to pay the same proportion of the claim as the Declared Value represents of the actual value at risk.
For example, should your property be insured for an amount which is 50% of the total cost to rebuild, then ANY claim made will be
settled by insurers at 50% of the total claim/reinstatement cost, as shown below:
The average clause does not apply provided that valuations are carried out by qualified RICS members at regular intervals and the results provided to insurers, and an inflationary increase (index linking) is applied at each policy renewal in the years between an RCA.
‘It is prudent to incorporate recommendations within the report to the effect that the client needs to reassess the declared value on a regular basis, with an annual adjustment to reflect inflationary effects, and a major review and reassessment every three years, or earlier should significant alterations be made to the insured property.’
RICS GUIDANCE NOTE, FEBRUARY 2018