Countryside Properties has recently announced that it will join other major housebuilders in maintaining initial ground rent values, ending its practice of enforcing provisions in leases that saw ground rents double every 10 or 15 years.
This follows an investigation by the Competition and Markets Authority, and enforcement action against four housing developers, Countryside, Taylor Wimpey, Persimmon and Barratt, after complaints that homeowners were subjected to ground rents that could increase rapidly, and other charges for permission to make amendments to their homes. A further effect of the clauses was that homeowners also experienced difficulties in selling their properties or obtaining a mortgage.
Many homeowners have already suffered financial loss as a result of the clauses, with many also complaining that they were not advised of the nature of the clauses when they instructed solicitors to act for them in their purchase. Homeowners face the possibility of further loss as lenders may require deeds of variation to protect their own position.
If you have suffered, or believe that you are likely to suffer, financial loss as a result of similar issues, Clapham & Collinge LLP has a team of experienced lawyers who can assist you in a professional negligence claim against solicitors or other professionals that advised you in the purchase of your home.
Our Client Relations Team will be delighted to help, and can arrange an appointment with one of our specialists. Contact us on 01603 693500 or email us using our 'Make an enquiry' form. Face-to-face meetings are available by appointment only at our Norwich, North Walsham, and Sheringham offices.
*This article is provided for general information purposes only and does not constitute legal advice or other professional advice.