LONDON (dpa-AFX) - Taylor Wimpey plc (TW.L) has reached an agreement of voluntary undertakings with the CMA related to the historical sale of leasehold properties with doubling ground rent clauses by the company. The voluntary undertakings will draw the issue to a full close, within original financial provision, the Group noted.
Taylor Wimpey said the undertakings, which build on its GRRAS scheme, mean that all leaseholders of Taylor Wimpey-owned ten-year doubling ground rent leases, or those that have already gone through GRRAS scheme and converted their Taylor Wimpey-owned lease to an RPI-based structure, will revert to a fixed ground rent. The Group is making a financial offer, as agreed with the CMA, to third party freeholders of leases that Taylor Wimpey no longer owns.
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