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On 22 December 2021, Taylor Wimpey plc announced that the Competition and Markets Authority's (CMA) investigation into the historical sale of leasehold properties with doubling ground rent clauses by the company is closed, following the agreement of voluntary undertakings. Further information can be found here.
In 2017, Taylor Wimpey launched the Ground Rent Review Assistance Scheme (GRRAS) which was put in place to help customers who purchased from us, and currently own, homes which have a lease with a ten-year doubling ground rent clause.
This scheme, offered by Taylor Wimpey on a voluntary basis to qualifying customers, followed a comprehensive review which looked at the concerns raised regarding the saleability and mortgageability of these properties, and included detailed discussions with freeholders, lenders and third party experts.
For further information on the current scheme, including qualifying criteria and guidance on how to start the process, see the Frequently Asked Questions (FAQ) below.
This is a scheme introduced by Taylor Wimpey in 2017, to help our customers who purchased from us and who still own homes (houses or apartments) that have a lease with a ten-year doubling ground rent clause, or those who have already converted their ten-year doubling lease to one with an alternative RPI based structure.
The scheme helps our customers convert their ten-year doubling leases to a fixed ground rent structure with no increases over time, via a legal document called a deed of variation.
Customers who own homes (houses or apartments) which have a lease with a ten-year doubling ground rent clause, or a converted ten-year doubling lease, can apply for the scheme.
Please click here click here to begin the application.
Please note that this is a voluntary process and there is no obligation on customers to make an application, or to complete an application once it has been started.
Customers who wish to apply for assistance under the scheme should start the process by completing the online application here.
Once the initial application has been completed, and if you qualify for assistance, we will guide you through the next steps of the process.
Leases will be converted via a legal document called a deed of variation.
A deed of variation is a legal document used when amending or varying an existing contract. It records the changes that have been agreed by all parties.
Yes, the scheme is available to customers who purchased their property directly from Taylor Wimpey, and homeowners who did not purchase directly from Taylor Wimpey.
No. The scheme concerns homes that have a ten-year doubling ground rent clause within the lease, or a converted ten-year doubling ground rent lease.
The use of RPI-linked leases is a nationally recognised and long established measure and is the most commonly used index for price increases across the leasehold residential sector. Should you wish to review the details, all of the information regarding the ground rent charges and the inflation-linked ground rent review policy are outlined in your lease.
The Government’s Leasehold Reform (Ground Rent) Act 2022 restricts the ground rent that can be charged on new residential long leases in England to ‘peppercorn’ (i.e. zero in practice).
If you have a lease with a ten-year doubling ground rent clause, the 2022 Act will not impact your lease as they apply only to new residential long leases. Taylor Wimpey has introduced peppercorn ground rents on all new developments that started being sold since October 2020.
The CMA’s investigation into leasehold is now closed. Further information is available here.
