What is Peppercorn Rent?

 

In practical terms, peppercorn rent means the leaseholder pays zero ground rent to the freeholder. All new residential leaseholders are created with peppercorn rent. The phrase originates from the concept that a leaseholder would pay a nominal rent to the freehold owner in acknowledgement of their continuing right over the property in the sum of a single peppercorn – the type that you would usually grind up in a pepper mill.

 

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