By Irene Madongo (September 15, 2021, 4:03 PM BST) -- Leaseholders with British builder Countryside Properties PLC will no longer have their ground rents doubled every 10 to 15 years after the U.K.'s competition watchdog raised concerns that the contracts might be unfair, the agency said Wednesday.
Countryside voluntarily agreed to eliminate the terms, and the rents will remain at the amount charged when the leaseholders first bought their properties, the Competition and Markets Authority said. Ground rents are what the freeholder, who owns a building outright, charges leaseholders, who own units within that development, under English property law.
The company will also do away with original doubling clauses that it...
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