The owner of a Taylor Wimpey flat at Ausden Place in Watford paid the freeholder £14,000 to change her doubling ground rent terms to RPI.
The property owner, who prefers to remain unnamed, had to sell her flat because of family circumstances.
She could not wait to discover the outcome of Taylor Wimpey’s ground rent review assistance scheme – which is doing the barest minimum to resolve this crisis.
Now that she has sold her flat, it is an open question whether Taylor Wimpey will repay her £14,000 she had to spend to make good the housebuilder’s toxic lease.
Yesterday she contacted Sir Peter Bottomley and Watford MP Richard Harrington.
The buyer bought the flat using Taylor Wimpey’s recommended solicitors at Ausden Place in £2012 for £207,000, although the lease
She secured a buyer in October 2016, and contacted LKP during the winter, explaining that family circumstances meant that she had to sell as soon as possible.
In February the buyer’s mortgage lender Halifax withdrew its mortgage offer owing to the doubling ground rent terms. The flat owner says: “All other lenders refused to offer a mortgage as well.”
This led her to pay out £14,000 to the freeholder Sandhall Limited, which is administered by Vincent Tchenguiz’s Estates and Management.
The beneficial ownership of the freehold is unknown. LKP would appreciate further information on this.
In the end, the flat sold for £329,000, so the buyer – who had bought during the market doldrums of 2012 – came out with a profit.
But the fact that she had to vary a lease – that Taylor Wimpey in its greed had made completely unmortgeable – has left her £14,000 out of pocket.