Ground rent nightmare
A FAMILY who bought the home of their dreams say they became trapped in a nightmare of spiralling ground rent costs.
Couple Emma and Karl Conway couldn’t have been happier with the new build home they purchased in Heywood.
They were the first to move into the new estate constructed by Taylor Wimpey – purchasing the twobedroom terraced house for £163,000 back in 2009.
When they first moved in they were charged an annual ground rent of £295 – however they were stunned to learn that the charge will double every 10 years.
The couple say they were unaware of the terms of their lease – which states that their ground rent will double every decade for the next 50 years, by which time it will cost the couple £9,440 per year
Dozens of homeowners have complained about ‘hidden’ rise, which they claim was not properly highlighted.
Last week, home builder Taylor Wimpey issued a statement defending the lease deal and insisting that the terms were clearly set out. But they say that the ground rent clause was ‘not consistent their usual high standards’ and pledged £130m to help solve the problem.
Emma, 35, and Karl, 33, say they have suffered sleepless nights and constant worry due to the rental costs. First-aid instructor Emma said: “I just have to laugh now because I have spent that long crying and getting that upset about it, you are literally living each day as it comes.
“I just can’t bear to think about it. I don’t want to move, I love this house.”
And now with three children to support, Ffion, 11, Luca, 7 and Tehia, 1, as the costs mount it is becoming more and more difficult for families like Emma’s to cope.
According to the National Leasehold Campaign, Emma is one of thousands of homeowners that currently find themselves locked into contracts, with no way out.
In a statement issued last week at Taylor Wimpey’s AGM, the developer 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.”