Taylor Wimpey to pay up to £130m to settle ground rent scandal
(The Guardian Money News)

Housebuilder was criticised after some of its new-build leasehold properties were left near-worthless due to spiralling chargesTaylor Wimpey is to pay out up to £130m to buyers of some its new-build leasehold properties left near-worthless after they found themselves trapped in spiralling ground rent contracts.In a statement issued at its AGM, the housebuilder said a review of the contracts, in which the ground rent doubles every 10 years, found they were legal but `not consistent with our high standards of customer service and we are sorry for the unintended financial consequence and concern that they are causing`. Continue reading...