After high profile coverage in the press about onerous ground rents that double every 10 years under the terms of a lease, the well-known developer Taylor Wimpey (TW) has now announced a financial assistance scheme that is available to leaseholders that purchased their leasehold properties from TW. The scheme is designed to make future ground rent increases less onerous, to address concerns over the saleability and the ability to obtain a mortgage in relation to these properties.
In the majority of cases, the freehold to the new build properties has already been sold on to investors, but TW has reached an agreement with a number of freeholders on the following basis:
- The ground rent will no longer double every ten years, instead increasing on an upward only basis in line with the Retail Prices Index every ten years;
- TW will cover the legal costs of the leaseholder up to a sum of £750;
- The change is to be carried out by a Deed of Variation to the original lease; and
- The leaseholder agrees to waive all claims against TW.
Dean Wilson LLP’s team of specialist Landlord and Tenant lawyers are assisting leaseholders affected by the assistance scheme. Using our extensive knowledge of leasehold law, we are able to fully advise on the merits of the scheme and the implications of accepting the offer to vary the ground rent, together with looking at other potential remedies.
Please note that the assistance scheme is presently only available to original buyers from TW. However there may be alternative options open to a non-original owner, which we can advise on. If you have any questions, would like formal advice or wish to arrange a meeting with us then please contact:
Ricky Coleman – Solicitor in the Property Litigation Team at Dean Wilson LLP
01273 249251 email@example.com