What rights are extinguished when ground rent is redeemed by the leasehold owner?

When ground rent is redeemed by the leasehold owner, the primary rights that are extinguished are the reversionary rights. Ground rent typically involves a long-term lease where the tenant pays rent to the property owner (the landlord) while maintaining possession and usage of the property. Upon redemption, the leasehold owner essentially pays off the ground rent obligation, which grants them full ownership rights, removing the landlord's future interest in the property.

Reversionary rights refer to the landlord's future claim to the property once the lease term ends or when any conditions of the lease are violated. Once the ground rent is redeemed, these rights are effectively eliminated, allowing the leasehold owner to possess the property outright without ongoing rental obligations. This transition marks a significant change in ownership status, cementing the leasehold owner's control over the property without interference from the landlord regarding future payments or conditions tied to ground rent. Thus, when this financial obligation is settled, the landlord's reversionary claim no longer exists.