Further to our post earlier today, we attach a link to the scheme for which Taylor Wimpey have set aside a reported £130 million in order to help those affected by increasing ground rent clauses in their leases.
Taylor Wimpey have introduced a scheme designed to help customers who purchased and still own leasehold properties from them which have a lease with a ten year doubling ground rent clause. The scheme is called the ‘Ground Rent Review Assistance Scheme’ and proposes it will help Taylor Wimpey’s customers convert their existing lease to an alternative lease structure which will incorporate less expensive ground rent review terms. The lease will be amended using a deed of variation – a formal legal document.
For further information in relation to the Ground Rent Review Assurance Scheme, please click on the following link:- https://www.taylorwimpey.co.uk/leaseholdfaq
Whilst the scheme makes clear, you will need to instruct independent solicitors “at some point”, Taylor Wimpey will inform you when you need to appoint a solicitor. Our advice would be, if you have been affected by these excessive ground rent clauses, you should instruct independent solicitors as soon as possible to advise you on the benefits of the scheme, any deed of variation proposed under that scheme and most importantly whether this is the only or best form of redress for you.
If you require further information, please contact a member of Jordans’ professional negligence and property team on 033 0300 1103 who will advise you on your legal rights.