Ground rent ‘scandal’ shakes Taylor Wimpey
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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 buyers because of the scandal. Last December, a government crackdown put a stop to the sale of new leasehold houses in England.
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 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.
RESIDENTS caught up in a ground rent scandal have slammed property giant Taylor Wimpey’s compensation offer as ‘insulting.’. Householders of Stonemere Drive, Radcliffe, were sold leasehold homes by housebuilding company Taylor Wimpey between 2007 and 2010.. Along with thousands of others who bought from the housebuilder between 2007 and 2011, they became locked into a leasehold contract.
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.
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What on earth were they thinking? It’s the obvious question raised by the ground rent scandal at Taylor Wimpey. How on earth did the selling of homes with exponentially rising ground rents seem like a.
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.
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Leasehold ground rent scandals are rising. If your solicitor didn’t advise you about ground rent increases, you may have a claim for damages.. The scandal surrounding leasehold ground rents.. Taylor Wimpey have been identified as a builder adopting this practice. For example, in one case.
Taylor Wimpey launched a 130m redress scheme last year to fix the damage of the ground rent scandal it helped create. By July, just 11.2m had gone to helping customers.