Taylor Wimpey has apologised to home buyers who were left with leasehold fees that doubled every ten years and has set aside £130M to assist those affected.
The housebuilding giants will pay out up to £130M to help those buyers who purchased properties between 2007 and 2011 with ground rent that doubled every ten years and only capped in the property’s 50th year.
The prohibitive leasehold increases left the owners with homes that were virtually impossible to sell on.
Taylor Wimpey pledged to strike a deal with the third party companies who now own the leases to prevent home owners being stuck with spiralling costs and a unsellable property.
The company said that the pay out package should have no impact on its ambitions of returning £1.3Bn to shareholders over the next two years.
Pete Redfern, Chief Executive of Taylor Wimpey, said: “We’ve listened to the concerns and difficulties that some of our customers have faced as a result of their doubling lease and taken action to put it right. We are sorry for the worry this has caused them.
“This is about doing what we think is right”
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The post Taylor Wimpey sorry in leasehold fee wrangle appeared first on UK Construction Online.
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