Ellesmere Port & Neston MP, Justin Madders has written to developer Taylor Wimpey to express disappointment. He was contacted by constituents who had been notified that their ground-rent will be doubled in July this year, despite an offer being made by Taylor Wimpey to remove the onerous doubling terms.
Mr Madders points out that when TW announced their £130m compensation scheme, they acknowledged that the contracts were “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 residents were informed of the increases by the current freeholder, E&J Estates. When they queried the planned rise, drawing attention to the Taylor Wimpey offer, E&J told them that they have not yet been contacted, so the increase would still be going ahead.
If implemented, the increase would not only impact on the annual amount repayable, but also on the value of the freehold of the property and the likelihood of a resale. Madders called on Taylor Wimpey to act urgently to prevent already disadvantaged leaseholders from losing out once again.
Justin Madders MP has described the sale of leasehold houses as the development sectors’ equivalent of the PPI scandal and said:
“I am extremely disappointed that Taylor Wimpey have done nothing to help my constituents since announcing their compensation scheme several months ago.
“Taylor Wimpey have acknowledged that they got it wrong and seriously let down people who bought their homes in good faith. The fact that leaseholders are still facing huge increases adds insult to injury and is completely unacceptable.
“We need to see urgent action to address this issue. How many times do leaseholders need to be let down before Taylor Wimpey get a grip of the problem?”