Ground Rent Made Easy (groundpay.co.uk)
Some property owners pay rent for the land their home is built on. The landowner charges the property owner annual ground rent. Ground rent is paid if the legal documents for a property have a lease agreement the lease or fee farm grant will state the annual amount of ground rent and the rent owner entitled to the ground rent.
Ground rent is usually paid every six months in May and November and the annual amount can vary between nominal rents of less than £1.00 a year (known as nominal rent) and hundreds of pounds.
The costs of collecting such small amounts can very easily make it uneconomic to do so. Therefore companies collecting ground rents are always exploring ways of reducing collection costs.
With one of our clients, a Property Management company we have assisted over the years in helping to provide a faster and higher response to rental demands, as well as easing the pressure of dealing with high volume, low value payments.
Data, personalisation and ease of payment are key to ensuring the accuracy and success of a rent demand cycle. We take care of the whole process.
On a half-yearly cycle we analyse the data, processing it to create personalised rent demands. Our systems and processes are water-tight and GDPR compliant with information security standard ISO 27001 and quality standard ISO 9001 in place.
We print and post, or email, a personalised demand (depending on individual preference) and the portal is then updated with the details of the yearly or half-yearly ground rent demands. The tenant can then pay by posting a cheque, phoning the client’s office to pay by credit card or by logging in online and enabling the tenant to pay through the Groundpay portal. Tenants can pay whenever suits them and rent demands don’t become that forgotten item on the ‘to do list’.
Tricord have developed GroundPay which is a bespoke notification and secure payment system ideal for Property Management Companies and Estate Managers. For further reassurance and customer service, we can also support telephone payments if required.
Administration resources are freed up – fewer staff needed because of the shift to online payments.
With a 24/7 online payment option available, tenants rent demands are settled quickly without the considerable headache of processing large volumes of paperwork and low value cheque payments.
The office isn’t flooded with cash and low value cheques. With staff login for full visibility and manual interventions, no more time is wasted chasing responses and processing payments.
The 24/7 online payment delivers increased payments as tenants can pay whenever suits them and rent demands don’t become that forgotten item on the ‘to do list’.
COMMENTS FROM CLIENTS
“With the introduction of Groundpay, there is a significant increase in the prompt and full payment of ground rent. With both tenants and property managers benefiting from Groundpay, the transition couldn’t be easier.”
”Working with Tricord over the past 10 years, their personal and innovative approach has created both efficiencies and significant increases in ground rent payment rates”