Property News · April 27, 2017

Taylor Wimpey to pay up to £130m to settle ground rent scandal


Housebuilder was criticised after some its new-build leasehold properties were left near-worthless due to spiralling chargesTaylor Wimpey is to pay out up to £130m to buyers of some its new-build leasehold properties left near-worthless after they found themselves trapped in spiralling ground rent contracts.In a statement issued at its AGM, the housebuilder said a review of the contracts, in which the ground rent doubles every 10 years, found they were legal but “not consistent with our high standards of customer service and we are sorry for the unintended financial consequence and concern that they are causing”. Continue reading…

Source : theguardian.com
Read more…Taylor Wimpey to pay up to £130m to settle ground rent scandal

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