• Menu
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Before Header

  • Home
  • What is LKP
  • Find everything …
  • Contact
Donate

Leasehold Knowledge Management Logo

Secretariat of the All Party Parliamentary Group on leasehold reform

Mobile Menu

  • Home
  • What is LKP
  • Find everything …
  • Contact
  • Advice
  • News
    • Find everything …
    • About Peverel group
    • APPG
    • ARMA
    • Bellway
    • Benjamin Mire
    • Brixton Hill Court
    • Canary Riverside
    • Charter Quay
    • Chelsea Bridge Wharf
    • Cladding scandal
    • Competition and Markets Authority / OFT
    • Commonhold
    • Communities Select Committee
    • Conveyancing Association
    • Countrywide
    • MHCLG
    • E&J Capital Partners
    • Exit fees
    • FirstPort
    • Fleecehold
    • Forfeiture
    • FPRA
    • Gleeson Homes
    • Ground rent scandal
    • Hanover
    • House managers flat
    • House of Lords
    • Housing associations
    • Informal lease extension
    • Insurance
    • IRPM
    • JB Leitch
    • Jim Fitzpatrick MP
    • John Christodoulou
    • Justin Bates
    • Justin Madders MP
    • Law Commission
    • LEASE
    • Liam Spender
    • Local authority leasehold
    • London Assembly
    • Louie Burns
    • Martin Paine
    • McCarthy and Stone
    • Moskovitz / Gurvits
    • Mulberry Mews
    • National Leasehold Campaign
    • Oakland Court
    • Park Homes
    • Parliament
    • Persimmon
    • Peverel
    • Philip Rainey QC
    • Plantation Wharf
    • Press
    • Property tribunal
    • Prostitutes
    • Quadrangle House
    • Redrow
    • Retirement
    • Richard Davidoff
    • RICS
    • Right To Manage Federation
    • Roger Southam
    • Rooftop development
    • RTM
    • Sean Powell
    • SFO
    • Shared ownership
    • Sinclair Gardens Investments
    • Sir Ed Davey
    • Sir Peter Bottomley
    • St George’s Wharf
    • Subletting
    • Taylor Wimpey
    • Tchenguiz
    • Warwick Estates
    • West India Quay
    • William Waldorf Astor
    • Windrush Court
  • Parliament
  • Accreditation
  • [Custom]
Menu
  • Advice
  • News
      • Find everything …
      • About Peverel group
      • APPG
      • ARMA
      • Bellway
      • Benjamin Mire
      • Brixton Hill Court
      • Canary Riverside
      • Charter Quay
      • Chelsea Bridge Wharf
      • Cladding scandal
      • Competition and Markets Authority / OFT
      • Commonhold
      • Communities Select Committee
      • Conveyancing Association
      • Countrywide
      • MHCLG
      • E&J Capital Partners
      • Exit fees
      • FirstPort
      • Fleecehold
      • Forfeiture
      • FPRA
      • Gleeson Homes
      • Ground rent scandal
      • Hanover
      • House managers flat
      • House of Lords
      • Housing associations
      • Informal lease extension
      • Insurance
      • IRPM
      • JB Leitch
      • Jim Fitzpatrick MP
      • John Christodoulou
      • Justin Bates
      • Justin Madders MP
      • Law Commission
      • LEASE
      • Liam Spender
      • Local authority leasehold
      • London Assembly
      • Louie Burns
      • Martin Paine
      • McCarthy and Stone
      • Moskovitz / Gurvits
      • Mulberry Mews
      • National Leasehold Campaign
      • Oakland Court
      • Park Homes
      • Parliament
      • Persimmon
      • Peverel
      • Philip Rainey QC
      • Plantation Wharf
      • Press
      • Property tribunal
      • Prostitutes
      • Quadrangle House
      • Redrow
      • Retirement
      • Richard Davidoff
      • RICS
      • Right To Manage Federation
      • Roger Southam
      • Rooftop development
      • RTM
      • Sean Powell
      • SFO
      • Shared ownership
      • Sinclair Gardens Investments
      • Sir Ed Davey
      • Sir Peter Bottomley
      • St George’s Wharf
      • Subletting
      • Taylor Wimpey
      • Tchenguiz
      • Warwick Estates
      • West India Quay
      • William Waldorf Astor
      • Windrush Court
  • Parliament
  • Accreditation
You are here: Home / Latest News / I had to spend £14,000 to change double ground rent to RPI at Ausden Place. But will I get compo from Taylor Wimpey?

I had to spend £14,000 to change double ground rent to RPI at Ausden Place. But will I get compo from Taylor Wimpey?

July 20, 2017 //  by Sebastian O'Kelly

Taylor Wimpey sold flats with doubling ground rents at Ausden Place in Watford. And – yes – the leases started before sales, which means the doubling ground rents kick in all the sooner. The freehold was sold to Sandhall Limited, which is administered by Vincent Tchenguiz’s Estates and Management

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.

Related posts:

E and J Captial PartnersPensioner paid £38,000 for Taylor Wimpey freehold to ground rent speculators E&J Capital Partners Taylor Wimpey CEO says doubling ground rent scandal under ‘review’. But Bottomley asks: ‘Have innocent homebuyers been shafted?’ Pete Redfern tells LKP how Taylor Wimpey will sort the ground rent scandal Taylor Wimpey ground rent explanation ‘not true’, BBC is told Taylor Wimpey more greedy than the ground rent ‘Mr Smallweeds’ (and so are other plc housebuilders)

Category: Ground rent scandal, Latest News, News, Taylor WimpeyTag: Ausden Place, Estates and Management, Ground rent, Richard Harrington MP, Taylor Wimpey

Latest Tweets

Tweets by @LKPleasehold

Mentions

Anthony Essien (34) APPG (37) ARMA (87) Bellway (30) Benjamin Mire (32) Cladding scandal (71) Clive Betts MP (31) CMA (45) Commonhold (52) Competition and Markets Authority (41) Countryside Properties plc (33) FirstPort (42) Grenfell cladding (56) Ground rents (54) Harry Scoffin (150) James Brokenshire MP (31) Jim Fitzpatrick (35) Jim Fitzpatrick MP (30) Justin Bates (40) Justin Madders MP (67) Katie Kendrick (37) Law Commission (60) LEASE (66) Leasehold Advisory Service (62) Leasehold houses (32) Long Harbour (48) Martin Boyd (80) McCarthy and Stone (39) National Leasehold Campaign (38) Persimmon (49) Peverel (61) Property tribunal (49) Redrow (30) Retirement (37) Robert Jenrick (33) Roger Southam (47) Sajid Javid (38) Sebastian O’Kelly (55) Sir Peter Bottomley (201) Taylor Wimpey (106) Tchenguiz (33) The Guardian (33) The Times (31) Vincent Tchenguiz (43) Waking watch contracts (40)
Previous Post: « Signal Building leaseholders told to sell flats back to Southwark council
Next Post: Englishman’s home isn’t a castle: it’s a revenue stream for an offshore company thanks to national housebuilders, Justin Madders tells the Commons »

Reader Interactions

Comments

  1. Michael Hollands

    July 20, 2017 at 9:32 am

    As the TW compensation scheme is designed to help the Doublers make their properties saleable the this is an obvious case for compensation. As it has shown that only by converting to RPI that it has been possible to sell.
    But the fact that the property has then been sold at such a huge profit with RPI will not help those who are campaigning for the RPI’s to be included in the TW compensation scheme.

    • Shilu

      July 20, 2017 at 10:22 pm

      The profits are there to buy the next property so the seller is worse of by £14,000 to us the next property

      • Trevor Bradley

        July 22, 2017 at 2:32 pm

        I agree with both Michael H and Shilu.
        As MH say’s it may not help those who are campaigning for RPI to be included in compensation but, is this really a typical example regarding “profit”.
        I live on the outskirts of Coventry in the midlands and a typical £200K property in 2012 would be around £230K/£240K in Oct 2016. Go far further north and it will increase even less and that’s where people have been really hurt with these onerous leases.
        And yes, Shilu is also right, if the seller in Watford wanted to purchase like for like he/she would be £14K short due to having to pay the freeholder.
        The problem is whatever you have to pay to get out of an onerous lease creates a “shortfall” against another purchase in any part of the country

  2. Paddy

    July 20, 2017 at 10:35 am

    Given that a lease is a contract between parties…that is its point – to assign demised rights to a party called a leaseholder – how can a lease start years before there is an assignment?

    Could you lease a car and find that lease started when the car rolled out of the factory?

    A contract doesn’t start until both parties sign, surely?

    Otherwise you might find you were married long before the wedding!

    How be this?

  3. Paddy

    July 20, 2017 at 10:39 am

    I am referring to the first assignment. My lease started when it was signed by the first leaseholder. It obviously passed down the line with each reassignment but the first signature stays.

  4. Paddy

    July 20, 2017 at 11:02 am

    Third bite:

    F’instance, my lease says…

    “This lease is made the …..day of ….one thousand nine hundred and eighty…. between FREEHOLDER/DEVELOPER NAME and address (hereafter called “the lessor” ) of the one part and ………………… (hereafter called “the lessee”) of the other part.

    The “….” bits are hand written. You then gets a Lessor and a Lessee.. a contract between two parties.

    For the lease to start before there is a sale, presumably the developer signs as both Lessor and Lessee to kick it off before it is sold/assigned to the first victim?

    Can you create a contract with yourself?

  5. Paddy

    July 20, 2017 at 11:41 am

    Fourth bite:

    Okay, the first lease agreement is not assigned. Assignment is the process is selling on the existing lease before it expires.

    But the first lease agreement still needs a lessor and a lessee.

    If only you could edit a comment!

  6. Joe

    July 20, 2017 at 6:13 pm

    This article is confusing.and possibly inaccurate.

    I thought only the Nationwide was unwilling to lend on doubling ground rents.

    It is very worrying if the Halifax is refusing mortgages, can this be true ?

    What will happen on remortgaging in particular Help to Buy

    Since when did Taylor Wimpey extend its promise to recompense flat owners as well as houseowners ? TW’s weasel words were a PR stunt which gave the banditos good publicity.

    • admin

      July 20, 2017 at 7:38 pm

      Lenders who have refused to lend on these properties include: Nationwide, Santander, Lloyds (Halifax), HSBC, Barclays and Yorkshire Building Society.

      Nationwide and Santander have publicly explained why.

  7. lorimer

    July 20, 2017 at 8:18 pm

    there is an urgent need to standardise residential property deed transfers into one goverrment-approved contract. It is time for parliament to act and deliver for the millions of victims!

Above Footer

Advising leaseholders. Avoiding disasters.
Stopping forfeiture. Exposing abuses. Urging reform.

We depend on individuals for the majority of our funding.

Support Us and Donate

LKP Managing Agents

Become an LKP Managing Agent

Common Ground
Adam Church
Blocnet property management2

Stay in Touch

To achieve victory in the leasehold game where you are playing against professionals and with rules that they know all too well - stay informed with the LKP newsletter.
Sign Up for Newsletter

Professional Directory

The following advertisements are from firms that seek business from leaseholders.
Click on the logos for company profiles.

Footer

About LKP

  • What is LKP
  • Privacy and data

Categories

  • News
  • Cladding scandal
  • Commonhold
  • Law Commission
  • Fleecehold
  • Parliament
  • Press
  • APPG

Contact

Leasehold Knowledge Partnership
Open Data Institute
5th Floor
Kings Place
London N1 9AG

sok@leaseholdknowledge.com

Copyright © 2023 Leasehold Knowledge Partnership | All rights reserved
Leasehold Knowledge Partnership Limited (company number: 08999652) is a company limited by guarantee that is a registered charity (number: 1162584) with the Charities Commission.
LKP website is hosted at www.34sp.com
Website by Callia Web