Nine companies owning former Taylor Wimpey freeholds to remove rent doubling clauses from leases

Article summary

The Competition and Markets Authority (CMA) has announced that nine companies which had purchased freeholds from Taylor Wimpey have committed to remove clauses which meant the price of leaseholders’ ground rents would double every ten years. The freeholders have also agreed to remove terms which were converted from doubling terms into RPI-based ground rent clauses, and to repay homeowners previously affected by the doubling ground rent clauses. The ground rent will therefore not increase over time. The CMA also announced its ongoing engagement with the developers Crest Nicholson, Redrow, Miller Homes and Vistry who will make similar changes themselves or work with the freeholder companies. The CMA has also announced that D.A.T.S. (Holdings) Limited and Wallace Estates Limited have committed to make changes to benefit Countryside leaseholders.