Thousands of leaseholders to be refunded for 'unfair' ground rents
Thousands of leaseholders are to be refunded for soaring ground rent charges following an investigation by the consumer watchdog.
Insurer Aviva will repay Brits for the extra money they spent on these charges - which have been doubled over the years.
Developer Persimmon Homes has also agreed to allowed leaseholders to buy the freehold of their property at a discount.
The shake-up comes following an investigation by the Competitions and Markets Authority (CMA) into the leasehold scandal concerning mis-selling of leasehold homes and high ground rents.
Property consultant Ringley Group managing director and co-founder Mary-Anne Bowring said: "The outcomes secured by the Competition and Markets Authority is a victory for consumers and common sense.
"There was never a need to sell family houses as leasehold properties and the doubling of ground rents was an act of greed that has caused untold reputational damage to the property industry."
The CMA has not confirmed if other developers and insurers will have to repay customers for doubling ground rents too.
But the CMA said it expects others to "follow the lead of Aviva and Persimmon" or find they could "face legal action".
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