You may have noticed the increased negative media attention given to Taylor Wimpey in recent months in respect of their particularly onerous Leases. The Leases (some dating back over 10 years) contain a clause which dictates that Ground Rent payments will increase by twofold every tenth anniversary, starting from £150 a year. Resulting in home owners struggling to resell their properties or secure buyers reliant on mortgages.
As a result, Taylor Wimpey has begun a Ground Rent Review Assistance Scheme where they are offering to enter into a legal document, the Deed of Variation, with home owners to effectively vary the rent clause to something far more favourable to home owners. The cost of which, it is anticipated, will be covered by Taylor Wimpey.
In order to qualify, you must be able to satisfy the following:
- You must be the original home owner who purchased your property directly from Taylor Wimpey as new;
- The applicable clause must exist within your Lease;
- You must apply to Taylor Wimpey; there is no obligation of home owners to enter into the scheme but it will be your responsibility to begin the process should you wish to.
If the above is applicable to you or someone you know, please contact our residential property department on 01603 620508 or through our email contact form to discuss how we may be able to help you further.