Ground rent ‘scandal’ shakes Taylor Wimpey
Taylor Wimpey also reiterated that the £130million it has set aside to compensate customers affected by the leasehold scandal should be enough. Earlier this year it emerged that unseen small print in.
It is clear that this nasty trend is one that will affect livelihoods nationwide, and often those who are least expecting and vulnerable, those in a rush to get on the property ladder. Government reactions have condemned the actions by developers such as Taylor Wimpey, and have promises to stamp out the abuses in this ground rent scandal.
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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.
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.
The Taylor Wimpey ground rent scandal featured in the Sunday Times yesterday, as it emerges that executives are being sent out to visit the complaining leaseholders. The article was in the form of a reader’s letter from a 130,000 leasehold house owner in Bolton facing doubling ground rents from an initial 250.
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.
But the problem is that many of these homes were sold with terms and conditions that sees ground rents double every 10 years – and mortgage providers are now refusing to lend on these properties.
Leaseholds on new-build houses could be. as leasehold in England and ground rents on flats could be cut to zero following widespread outrage over exploitative contracts. In a blow for major.
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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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