Watchdog Targets Property Giants For Potential Misselling

Law360, London (September 4, 2020, 2:31 PM BST) -- The Competition and Markets Authority began enforcement action against four leading housing developers on Friday after it uncovered "troubling evidence" that people had potentially been wrongly sold properties and possibly given unfair contract conditions.

The CMA will focus on some of the practices of Barratt Developments, Countryside Properties, Persimmon Homes and Taylor Wimpey. The regulator is concerned that home-owners had potentially been misled about the cost of changing their leasehold to freehold ownership.

A leaseholder owns a property on a lease, which is typically 99 years; a freeholder owns the property outright.

"When buying their home … some people were told...

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