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Ground rent ‘scandal’ shakes Taylor Wimpey

It said: "We reviewed the mechanism for ground rent increases in 2011 and decided that the RPI was a more appropriate measure going forward. All Taylor Wimpey homes on developments commenced after 2011 have been sold with ground rent increases linked to the RPI. All purchasers have independent legal advice.

Taylor Wimpey has been accused of selling "recently-built" houses and apartments as leasehold that would traditionally have been freehold, with clauses that allow the ground rent to rise dramatically in later years. This makes the houses unsaleable.

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How the ground rents worked. Between 2007 and 2011, taylor wimpey created and sold a number of long leaseholds to homebuyers who paid a lump sum for a home and agreed to pay an annual ground rent fee. sunday times reports Taylor Wimpey ground rent scandal, as executives meet leaseholders By admin on Nov 28, 2016 09:22 am The Taylor Wimpey ground.

Taylor Wimpey has now introduced a "Ground Rent Review Assistance Scheme". If you purchased a leasehold property with doubling ground rent directly from Taylor Wimpey, this scheme will allow you to vary the terms of the lease bring it in line with 10 year RPI (Retail Price Index) rent reviews, which is far more acceptable to lenders and.

Taylor Wimpey earmarks 130m to help leaseholders hit by rent review clauses – Taylor Wimpey said it has entered into negotiations with the owners of the freeholds who hold the power to double ground rent in order to alter the terms. the situation "nothing short of a national. taylor wimpey ground rent Scandal: Specialist Negligence.

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Thousands of leaseholders are being forced to pay management companies and freeholders hundreds of pounds for “sales packs”, despite recent moves. Government would be forced to act on the ground.

Taylor Wimpey is just one of many developers who sell new build flats and houses that double ground rent every 10,15 or 20 years. These developers and their new build sites should be named and advised to lower ground rents to a more affordable RPI increase.

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Taylor Wimpey has set aside 130m to settle disputes over ground rents on leasehold properties after homeowners found themselves hit with high charges and homes that were difficult or impossible.