Ground rent ‘scandal’ shakes Taylor Wimpey

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Ground rents: The calm before the storm? published 2 November 2017. This is a topic which has received a huge amount of attention over the last 12 months, culminating in the government’s consultation paper on leasehold reform launched in July 2017.

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Many of the leases included onerous rising ground rents that have now been outlawed. Last year, Taylor Wimpey, one of the UK’s biggest housebuilders, was forced to set aside £130m to compensate home.

The big names behind the scandal are developers Taylor Wimpey and Bellway, which have sold homes with tiny ground rent charges, only to sell the freeholds to greedy investment firms. Homeowners say.

Taylor Wimpey homeowners have reacted with scepticism to the firm’s promise to help leaseholders faced with spiraling ground rents and sky-high buyout costs. Last week, the housebuilder apologised.

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Taylor Wimpey’s doubling of leasehold ground rents has drawn attention to what could be a wider industry practice that has drawn increasing criticism from MPs and campaign groups as well as anguished homeowners Amid national newspaper reports of a leasehold homes "scandal", housebuilder Taylor.

Housebuilder Taylor Wimpey sets aside 130m for leasehold ‘scandal’ The owners of homes trapped in their properties by costly ground rent contracts are to get help from builder Taylor Wimpey. By.

It certainly appears as though a path to reform has been laid out since “Mundy” and the whole Taylor Wimpey saga concerning Leasehold houses and the 10-year doubling Ground Rent scandals of 2016-2017. Reform that in some cases, is well overdue. However, there does appear to be a level of hysteria and as result, there is a danger of "throwing the baby out with the bath water".

The Taylor Wimpey ground rent scandal involves thousands of purchasers of the company’s new build properties who have acquired a 10 year doubling lease. These leases incorporate a ground rent clause which rises year on year to the point where the property is likely to become un-mortgageable and difficult to sell.

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