Anyone thinking of buying into Taylor Wimpey’s proposed Gerrymander Mansions development in Golden Lane probably won’t be bothered that the company has completely infuriated local people and created a pool of very angry neighbours. This is because Gerrymander Mansions is intended to provide ghost homes for investors, not places people might actually want to live; which is just as well because light surveys show the interiors will be dingy, and if the construction goes ahead they will be shoddily built too. Nonetheless, investors considering buying from Taylor Wimpey might want to ponder how the firm has already ripped-off those who have previously purchased property it has built.
Earlier this year Taylor Wimpey had to apologise over the new homes it sold on leases with ground rents that doubled every ten years. As a result those who’d bought from Taylor Wimpey found their homes had no market value, and they became trapped in the properties. It was easy enough for the company to provide a meaningless apology after making handsome profits, and they’ve even stopped selling houses (not flats) on leaseholds, but those who fell for the con – many after taking ‘advice’ from Taylor Wimpey recommended solicitors – are still screwed and continue to organise protests against this infamous property developer.
A related Taylor Wimpey wheeze is selling leaseholds on to investment companies; aside from making money, this means those who’ve been ripped-off have to direct protests at more than one firm.
According to an article on the Leaseholder Knowledge website, another way Taylor Wimpey home buyers have been fleeced is with the leaseholder management companies put in place for their apartments. From ‘Taylor Wimpey abandons the leasehold houses racket from January 1’ (December 19, 2016):
As well as the doubling ground rent scandal, Taylor Wimpey London has had to readdress sites where residents’ management companies embedded in the leases were incorporated under the sole ownership of Chainbow property management.
This company belonged to Roger Southam, now an employee of Savills – which bought Chainbow – who is also chairman of the taxpayer-funded Leasehold Advisory Service.
Other Taylor Wimpey ploys are still being uncovered by the site I’ve just cited. This is from, “Taylor Wimpey gets round ‘right of first refusal’ to buy freehold by selling the block BEFORE more than half flats are sold” (June 28, 2017):
Taylor Wimpey sold the freehold to Goodrich Mews before selling more than half the flats. So it did not have to offer the freehold to the residents… the “right of first refusal” under the Landlord and Tenant Act 1987…
“The three blocks of apartments were completed in late 2009, 2010 and 2011 respectively, with the apartment sales being agreed long before these completion dates. Taylor Wimpey is either lying about the freehold sale date in order to circumvent the law or had agreed the sale of freeholds long before the apartments were sold without disclosing the ownership structure to potential buyers.
“I have asked Taylor Wimpey to prove the freehold sale date as evidence that the law was not broken.
“Taylor Wimpey’s ex customers continue to be trapped in homes that they want to sell, but cannot….
“Thousands of people’s lives are on hold due to the mis-selling of homes.
“Nobody would have bought a leasehold property if the implications and future costs had been fully explained…. We are suffering from… a greedy freeholder with a punitive lease that prevents us from selling our apartment.”
So while those thinking of buying into Taylor Wimpey’s proposed Gerrymander Mansions development might be under the impression it is a gold-plated investment opportunity, should they be foolish enough to part with their money they’re more than likely to find themselves mugged off with a liability rather than an asset. Of course demolition hasn’t even started on Bernard Morgan House – the social housing in Golden Lane that Taylor Wimpey plans to replace with luxury flats – but Gerrymander Mansions already has thousands of enraged neighbours!
These protesters seem to be parodying the poor spelling on Taylor Wimpey signage by deliberately misrendering the firm’s name; for more on Taylor Wimpey illiteracy see the bottom of our about page.
Notes: Taylor Wimpey abandons the leasehold houses racket from January 1: http://www.leaseholdknowledge.com/taylor-wimpey-abandons-leasehold-houses-racket-january-1
Taylor Wimpey gets round ‘right of first refusal’ to buy freehold by selling the block BEFORE more than half flats are sold: http://www.leaseholdknowledge.com/taylor-wimpey-gets-round-right-first-refusal-buy-freehold-selling-block-half-flats-sold