Aviva, Persimmon Commit to Leasehold Changes in Face of Regulatory Investigation
23 Junho 2021 - 3:52AM
Dow Jones News
By Adria Calatayud
The U.K.'s Competition and Markets Authority said Wednesday that
it has secured formal commitments from leaseholders Aviva PLC and
Persimmon PLC and warned other players in the sector to review
their practices or face legal action.
The antitrust watchdog said Aviva has offered to remove certain
terms from its leasehold contracts which cause ground rents to
double, and agreed to refund homeowners who were affected by these
ground rent clauses the excess money they had paid.
The regulator said Persimmon agreed to offer leaseholders of
houses built by the company the opportunity to buy the freehold of
their home at a price below market value.
House builder Persimmon separately said it has offered its
commitments without any admission of wrongdoing or liability, and
that its agreement with the CMA ends its involvement in an
investigation into leaseholds by the regulator.
The CMA said the commitments from Aviva and Persimmon follow an
enforcement action against housing developers in September and an
investigation into firms that bought large numbers of
freeholds.
"We now expect other housing developers and investors to follow
the lead of Aviva and Persimmon. If not, they can expect to face
legal action," CMA Chief Executive Andrea Coscelli said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
June 23, 2021 02:45 ET (06:45 GMT)
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