Don't be fooled - there's NOTHING good about leasehold...unless you OWN the freehold!
The freeholder has a licence to print money for years and years as the lease runs - and at the end takes your home and wins big-time!
But the whole leasehold system doesn't only benefit the freeholder - everyone else supporting it wins too. Lawyers get extra fees from buyers and sellers, there's more tax, managing agents get their snouts into the trough as well. And of course developers get TWO shots at the trough - they sell the apartment to you - and then sell the ground it stands on to some finance outfit.
Taylor Wimpey got their two shots at the trough.
Mainstay got a shoo-in from TW and continue to charge us what they like for services with no regulation on the quality.....and when does anyone get to see the accounts?
Don't even think about getting them to do something for you - 'Waiting for Godot' doesn't even start to describe the experience!
Don't hold your breath for improvements now that Mainstay has merged with FirstPort. Wondering about the pedigree here -
read this - feel happy?
But it was all too much for TW so they cashed in the freehold without telling us (...is this legal? Ed) and sold us on ... and then on again ... to Aviva. (...is there a pattern here? Ed)
Aviva take over raking in the fees ... for services, for ground rent, for permissions, fees from the agent, and the inflated Building Insurance for which they assess
the Asset Value and the Premiums in splendid isolation from us.
But it doesn't stop here - Aviva start a fund - like ''Aviva Investors UK Property Fund' - and get people to invest. More money and more fees for Aviva -
champers on the beach for the fund managers - 'higher than average returns' for the investors. Guess who's paying for this beach party?
The only good news is at least Aviva aren't registered in the Cayman Isles.....well not yet, but perhaps they'll sell on the freehold yet again to someone who is.
Talking of beaches.....there's also the little shell company - filed as dormant - that is an appendage to your lease - the 'Diglis Water Estate Management Company Limited'.
'What's the deal here?', we hear you ask. We are all supposed to members of this - but has anyone seen sight of a share certificate?
And which sunny beach is this little shell registered on? Gate House, Turnpike Road, High Wycombe, HP12 3NR.
(...surely not the same Gate House, Turnpike Road, High Wycombe, HP12 3NR where Taylor Wimpey have their headquarters? Ed)
Of course the rotten wonderful leasehold scam system has our best interests at heart. During the Law Commission consultations, landlords
were asked what advantages leasehold offered. They responded that the leasehold system did a wonderful job of Stewardship of the Land.
When it was pointed out that apartment owners would arguably do a better job as they would be looking after their own homes, the landlords responded that leaseholders were
too stupid to do this.
We are so glad that our stupidity is being managed for us!
Enough of the rant - here are some indicators to help you decide to join us to get control of costs and ownership of your apartment.
- Riding on the coat tails of the freeholder, Mainstay cashes in on a running basis.
We don't know the details - but we do know how'well' they've performed. - At the current index used by Aviva to increase your Ground Rent, Aviva will collect £ 246,000 (yes thousands) from every one of us for doing nothing.
- At the current increase of house prices Aviva will take your apartment worth £11,600,000 (yes millions) and sail off into the sunset.
- Aviva will also rake in around £ 3,500,000 in insurance premiums.
- In total Aviva are set to have a cash income of ~£13 million and asset acquisition of ~£450 million from Aston Court.
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???....Leasehold or Fleecehold - your call...
Are you now wondering about how to set up the Right-To-Manage and Enfranchisement - as we are?