Countryside Properties PLC Response to CMA announcement (8638S)
March 19 2021 - 4:37AM
UK Regulatory
TIDMCSP
RNS Number : 8638S
Countryside Properties PLC
19 March 2021
Countryside Properties plc
Response to CMA announcement
Countryside notes today's announcement from the Competition
& Markets Authority (CMA) in relation to its ongoing inquiry
into leasehold homes.
Countryside has sold no properties with doubling ground rent
clauses since 2017 and we introduced the Ground Rent Assistance
Scheme in 2020 to assist leaseholders whose ground rents doubled
more frequently than every 20 years.
We will continue to engage constructively with the CMA to
resolve this complex issue. Alongside these discussions, its
resolution will require the engagement of a number of other
parties, including certain freehold owners, for a satisfactory
solution to be found.
Enquiries:
Countryside Properties plc - 01277 260 000
Mike Scott - Group Chief Financial Officer
Victoria Prior - Managing Director, Corporate Affairs
Brunswick Group LLP - 020 7404 5959
Nina Coad
Oliver Sherwood
Notes to Editors
Under the Ground Rent Assistance Scheme, we aim to seek
agreement from freehold owners to vary the leases of Countryside
customers who still own homes with a leasehold ground rent that
doubles more frequently than every 20 years. This is linked to the
rate of RPI, consistent with the Leasehold Pledge. As part of this
scheme, Countryside has offered to pay the legal fees incurred by
leaseholders associated with varying the terms of the lease.
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