Business
Agreement of voluntary undertakings with the CMA
Agreement of voluntary undertakings with the CMA.
About this update from Taylor Wimpey Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4143W\n Taylor Wimpey PLC\n 22 December 2021\n \n \n \n \n 22 December 2021\n \n \n Taylor Wimpey plc\n \n \n Agreement of voluntary undertakings with the CMA \n \n \n \n \n \n Taylor Wimpey plc today announces that the CMA's investigation into the historical sale of leasehold properties with doubling ground rent clauses by the company is closed, following the agreement of voluntary \n undertakings. The cost of today's undertakings falls within the original provision Taylor Wimpey made in 2017. By entering into these undertakings there is no finding that Taylor Wimpey has infringed UK consumer law.\n \n \n \n \n \n The undertakings, which build on the company's Ground Rent Review Assistance Scheme (GRRAS scheme) - which was launched voluntarily and proactively in 2017 - mean that all leaseholders of Taylor Wimpey-owned ten-year doubling ground rent leases, or those that have already gone through our GRRAS scheme and converted their Taylor Wimpey-owned lease to an RPI-based structure, will revert to a fixed ground rent. Taylor Wimpey is making a financial offer, as agreed with the CMA, to third party freeholders of leases that Taylor Wimpey no longer owns, to enable their leaseholders to do the same. \n \n \n \n \n \n Pete Redfern, CEO, said:\n \n \n \n \n \n \"Taylor Wimpey has always sought to do the right thing by its customers, shareholders and other stakeholders, and we are pleased that today's voluntary undertakings will draw this issue to a full close, within our original financial provision.\"\n \n \n \n \n \n The CMA acknowledges that the GRRAS scheme has helped over 5,400 customers convert their ten-year doubling ground rent leases to an industry standard RPI-based structure, at Taylor Wimpey's cost, and has addressed the concerns raised regarding mortgageability or saleability of these properties. \n \n \n \n \n \n Taylor Wimpey has established a dedicated page on our website which can be found at \n \n www.taylorwimpey.co.uk/get-in-touch/cma-leasehold-investigation-closure\n \n and will proactively contact all customers with historic doubling ground rent leases and freeholders who own historic doubling ground rent leases in early 2022.\n \n \n \n \n \n \n \n \n ENDS\n \n \n \n \n \n \n \n \n \n \n \n For further info...