Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Nominal definition

What does Nominal mean? Nominal describes a stated, face or token amount used in legal and financial documents, without adjustment for inflation or reference to market value. In finance and investment, a nominal return is the before-inflation figure; the real return is inflation‑adjusted. Where inflation is positive, a nominal return will exceed the real return. For debt securities, the nominal (par or face) value is the principal amount on which interest is calculated and which is repaid at maturity. See also principal. In company law, nominal value (par value) commonly refers to the amount per share stated in a company’s constitution and used for share...

Leasehold Reform (Ground Rent) Act 2022: scope, permitted rent, shared ownership, transitional provisions, enforcement and transactional risks in long residential leases (England and Wales)

Published by a LexisNexis Property expert

Practice notes

Ground rent

‘Ground rent’ typically describes a modest or nominal sum payable under a long lease that has been granted for a premium. Ground rent is payable by the tenant to the landlord (most often yearly or bi-annually). It is distinct from a service charge and is not meant to reimburse the landlord for expenditure. Properties that can attract ground rent include houses and flats, as well as commercial land and buildings. From 30 June 2022, the Leasehold Reform (Ground Rent) Act 2022 (LR(GR)A 2022) limits the level of ground rent a landlord of an individual dwelling may lawfully charge a tenant under a ‘regulated lease’ (as defined in LR(GR)A 2022, s 1) (a Regulated Lease)—see: What is a ‘regulated lease’? For a Regulated Lease, ground rent is regarded as capped at the specified lawful ‘permitted rent’ (whether or not the lease purports to reserve a higher sum). In most Regulated Leases, the lawful ‘permitted rent’ is an annual ground rent of one peppercorn. The ‘permitted rent’ can be higher for shared ownership leases and/or for a lease that replaces a ‘pre-commencement lease’. If a lease, for any reason or circumstance whatsoever at any relevant time or stage, then is...

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Web page updated on 22/05/2026

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