Posted by Chun Wong | Partner
On 2nd May 2017
It was widely reported last week that Taylor Wimpey has set aside £130million to correct the rent review terms of the good rent in some of their new build leasehold properties.
Ground rent is normally an annual sum paid by a leaseholder to their freeholder. They are usually very modest sum, and some even set at ‘peppercorn’. The problem with the ground rent in the leasehold properties in question, is that they are set to double every 10 years.