The Guardian earlier this afternoon reported the £130 million offer by Taylor Wimpey to draw a line under the ground rent scandal.
The article reports the housebuilder telling its AGM that ground rent that double every 10 years were legal but “not consistent with our high standards of customer service and we are sorry for the unintended financial consequence and concern that they are causing”.
The article is written by Patrick Collinson, personal finance editor of the newspaper, who ran a series of articles on the scandal last November and December.
Mr Collinson also spoke at the All Party Parliamentary Group on leasehold reform on December 14 last year, of which the Leasehold Knowledge Partnership is the secretariat.
Guardian’s Patrick Collinson says ‘time to reform leasehold in entirety’
Mr Collinson generously acknowledged that his series of investigations were in collaboration with LKP.
We would like to thank him wholeheartedly for sticking with this story and seeing it through to its conclusion.
Mr Collinson was also the only national newspaper who would take up LKP’s investigations into leasehold gameplayer Martin Paine, whose deeds of variation cleverness land homebuyers with ground rents of up to £8,000 a year.
The Guardian reports that Taylor Wimpey reported profits of £733m in the year to December, up 22% on the year.
LKP should encourage the Sun newspaper to report on Taylor Wimpey and £130 Mil set aside to rectify the sale of leasehold house abuse and to report on WHAT other builders are going to make for provision.
Its rather like the banks having to pay compensation for mis-selling PPI .
Who is getting compensated though the rich freeholder who went into this transaction for people’s homes with his eyes wide open, or the leaseholder who had the wool pulled over their eyes by Taylor wimpey when they purchased what they thought was their home & not a business model.
Taylor wimpy should convert all house leases to freehold as they new what they were doing and hid the facts from the purchases.
They persuaded the purchases to use there solicitors, so the facts were hidden from the normal person.
Corporate miss conduct.