Last week Taylor Wimpey announced it has put 130m on one side to convert all the houses it sold with ground rents that doubled every ten years into ground rents that are linked instead to grow in line with the Retail Price Index (RPI). Later that day Peter Redfern, the Chief Executive, took part in.
But the scandal has sparked fears among banks that borrowers purchasing leasehold properties will be unable to sell their homes in the future.. Some, such as Taylor Wimpey, have agreed to change the terms of their leases free of charge.. The new ground rent works out at 0.1 per cent of the value of Kim and Craig’s £300,000 flat – the.
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Covering a Mass Shooting, and Adding to a Town’s Pain. By. Wealth365 Inc.. Next article Taylor Wimpey: most buyers in ground rent scandal have agreed new deals.. Wealth365 Inc. To learn more about Wealth365 CLICK HERE! Wealth365 the news active traders, investors and entrepreneurs need every day! RELATED ARTICLES MORE FROM AUTHOR. Markets.
Fenton said that he was stepping down as the company embarked on ‘a new strategy to carry it safely through the next five years and beyond’ as it grapples with a proposed ban on ground rents and tough.
The Council of Mortgage Lenders (CML) is planning action on the ground rent scandal which MPs have called ‘the PPI of the building industry.’ The issue involves ground rent clauses on the sale of new houses which would double the rent every 10 years.
· That, along with the fact that Taylor Wimpey has got rid of doubling ground rents but has still left itself in control of advantageous leases, shows me why we need legislation. We cannot have confidence that the developers, who, after all, are the authors of this racket, can put right the wrongs they have created.
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 leasehold scandal. Taylor Wimpey between 2007 and 2011 in England, where the land upon which a house is built can be owned by someone other than the homeowner. This saw new houses sold as.