Housebuilding company Taylor Wimpey has earmarked £130 million as part of plans to help customers caught out by clauses in their contracts that mean they’re on the hook to pay escalating ground rents.
The issue affects leaseholders who were forced to stomach ground rents that doubled every 10 years, meanwhile the freeholds to their houses were able to be sold to third party private firms, making many homes unsaleable.
With a leasehold, you own the property and its land for the length of your lease agreement with the freeholder. When the lease ends, ownership returns to the freeholder unless you can extend the lease or buy the freehold.
April 28, 2017 at 06:49PM
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