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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.
CoreLogic: 28.3 percent of mortgaged homes in Miami underwater The total number of mortgaged residential properties with negative equity stood at 4.3 million, or 8.5 percent, in Q4 2015. This is an increase of 2.9 percent quarter over quarter from 4.2 million homes, or 8.3 percent, in Q3 2015* and a decrease of 19.1 percent year over year from 5.3 million homes, or 10.7 percent, compared with Q4 2014.
Taylor Wimpey earmarks 130m to help leaseholders hit by rent review clauses – Taylor Wimpey said it has entered into negotiations with the owners of the freeholds who hold the power to double ground rent in order to alter the terms. the situation "nothing short of a national. taylor wimpey ground rent Scandal: Specialist Negligence.
The stress thus far is on new houses, although the government indicated it would examine ground rents across the wider market. although he may have put it across too flippantly. Taylor Wimpey,
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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.
Taylor Wimpey has apologised to leaseholders and set aside 130 million to sort out a problem with the terms of its leases for new-build houses which can see ground rents soar over the long term.
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.
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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As well as the growing cost of paying ground rent, such terms cut the value of the property. Taylor Wimpey has since stopped selling homes with such terms. Leasehold scandal: ground rent that starts.
The housebuilder Taylor Wimpey has taken a 24 per cent hit to first-half profits after setting aside 130m to help homebuyers affected by a leasehold scandal. pre-tax profits for the year to July.