UK homebuilder Taylor Wimpey drops rent-doubling clauses after settlement

-Britain’s no. THREE homebuilder Taylor Wimpey will drop contract terms that lock leaseholders into rents that double each and every 10 years, finishing an over year-long probe into the company by the uk pageant watchdog, the regulator said on Wednesday.

The Festival and Markets Authority (CMA) had introduced an investigation in September final year, filing instances towards homebuilders Barratt Trends Plc, Persimmon Plc and Nation-State Homes Plc as well.

In September, Geographical Region agreed to drop equivalent phrases, while in June, Persimmon and a fund managed through Aviva also closed the case with the regulator.

CMA said ground rents of the affected Taylor Wimpey leaseholders will no longer building up and will stay at the quantity charged when they first purchased their home.

In a separate statement, Taylor Wimpey said the associated fee of dropping the clause falls throughout the provisions it earmarked in 2017 to cover the similar. the company additionally mentioned its settlement with the regulator didn’t imply infringement of UK shopper law.

The CMA, meanwhile, mentioned the probe towards Britain’s greatest homebuilder Barratt over imaginable mis-promoting of leasehold houses used to be ongoing.

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