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Ground Rent Reviews

 

Our residential property team at Lanyon Bowdler is seeing an increase in calls from concerned homeowners over the ground rent review mechanisms in their leases and how they may be affected by rent increases going forward. If you have an enquiry relating to a ground rent review, please complete our online enquiry form.

The spike in interest follows the decision by Taylor Wimpey to introduce a Ground Rent Review Assistance Scheme aimed at helping those people who bought their leasehold property (house or apartment) from the company with a clause meaning their ground rent doubles every 10 years.

This practice has meant homeowners encounter difficulties in selling their homes and mortgage lenders are unwilling to sign off on such deals where these particular Ground Rent Reviews apply.

A ground rent which doubles every 10 years has the potential to be very costly in the future and effectively means the property is unmarketable due to the lenders unwillingness to lend where they apply.

Taylor Wimpey says the introduction of the scheme comes after an extensive review and will help customers transfer to an alternative lease structure whereby the company will cover their costs in respect of the Deed of Variation.

It is intended that this will basically vary the terms of the current agreement into a far more satisfactory arrangement for homeowners. While anything agreed will depend on the freeholder it is anticipated the more favourable terms will be arrived at with reference to the Retail Price Index (RPI).

This would be more acceptable to mortgage lenders and ensure an easier path when it comes to selling your home.

Do You Meet the Criteria

If you are locked into one of these onerous leases with Taylor Wimpey, or another developer, and considering what you need to do next, the Ground Rent Review Assistance Scheme requires you meet certain criteria:

  • It is not guaranteed and there is no legal obligation on Taylor Wimpey to offer the scheme. Further, it relies on Taylor Wimpey reaching agreement with your current landlord. If no agreement is reached they cannot offer you the scheme.
  • Where the scheme applies Taylor Wimpey will pay up to £750 towards your legal costs.
  • It only applies where the ground rent doubles every 10 years.
  • It only applies if you bought directly from Taylor Wimpey and still own your property.
  • It applies to flats/apartments and houses.
  • It does not apply if you own the property as a company or other corporate concern.

Expert Legal Advice

If you decide to take up the option offered by the scheme you will need expert legal advice. Our residential property team at Lanyon Bowdler has a wealth of experience over many years advising and acting for clients buying and selling property.  The team is already advising clients going through the Taylor Wimpey Ground Rent Review Assistance Scheme.

We can talk you through the process and keep you fully informed at every stage of the scheme through to its successful completion. You can feel confident about leaving the matter in our hands in the knowledge we will always act in your best interests.

Our Charges 

The SRA requires us to give indicative prices for limited types of work, this includes residential property services. For more information please click here.

Contact Lanyon Bowder

If you would like to discuss the process further contact the team at Lanyon Bowdler, complete our online enquiry form and someone will be in touch.
 

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