We had fallen into the trap of thinking that with leases of 130 years there was no need to worry about what will happen in the distant future.

This is not the case.

We believed that we still have over 100 years left! There is a poorly known lease breakpoint which kicks in when there is less than 90 years remaining.
Perhaps you too were not aware of this?

At this point, two things happen which are very bad news.

First, it becomes very difficult to sell the apartment - mortgage companies will not lend to a buyer where the lease is less than 90 years.
Second, when only 90 years remains, the cost of extending the lease becomes astronomic.

The net result of these two factors is that the saleable value of our apartments falls for us - and continues to fall. But it doesn't for Aviva!
An example is shown for a £300k apartment where the value is compared between : you take action (blue) and : you do nothing (red).
Inflation rate taken as the UK 10 year average.
The first graph showns this nasty effect within your lifetime.
The second graph shows the ghastly comparison over the full term of the lease.

The final horror is shown in the third graph. Leave things too late and we get trapped in the pincer between soaring cost to extend and falling saleable value - Ouch!

Experts in the housing market are unanimous - leaseholders should take action long before the 90 year breakpoint. Otherwise we will suffer increasing financial loss. The closer to the 90 year breakpoint - the more at risk we become. They suggest taking action 5-10 years before this point.

So we don't have over 100 years - we need to take action soon.

..... see more details about your lease .....

The maintenance of our estate, both day to day and long term, is managed by Mainstay.

The cost, quality, and transparency of Mainstay's management have been called into question by residents in Aston Court and other parts of the Diglis Estate on many occasions. This is not common knowledge. Mainstay does not share this - for obvious reasons!

There is growing concern that we are poorly served by Mainstay.
An immediate concern is that our costs are rising far above inflation with only token explanation. We have no option and are offered no choice. Pay Up!

The stark reality of our situation is simple and frustrating -
Mainstay are paid to manage Aston Court by our landlord Aviva. Neither of these entities have our interests at heart - their core interest is ongoing steady profit. For Mainstay this is steady income now, and for Aviva - steady income now and an enormous profit in the future.
Our interests are irrelevant to them. We are simply a bound source of income for them

Those of us who have direct contact with Mainstay are acutely aware of this - we are ignored, left in the dark, sidetracked, delayed. We feel that we are held in contempt by Mainstay, and treated as delinquents. Sadly it seems now that we are being bullied and threatened when we pursue Mainstay for action.

Do you, like us, feel that we need to change this?

So we bought an apartment in Aston Court - we signed the lease.

We pay ground rent, insurance, maintenance charges, fees to get permissions, etc....we're well familiar with the demands for payment that arrive in our post boxes.

So what did we actually buy and what do we really get for our money?

• We actually own nothing real.
  We own the right to live inside our apartment (with restrictions) for less than 120 years - that's all. The only real stuff we own is on the inside of the paint on our walls and our front door - with conditions!
• Aviva owns everything that we might bump into - all the bricks, pipes, roofs, metal, plastic. It's possible they even own the paint on our walls!
• Aviva doesn't pay a penny for upkeep. They do want Aston Court kept in good condition so they can maximise the value of their asset - but we pay for this. We pay everything to maintain their asset. Aviva pays nothing.
• Aviva have the power to take our apartment off us if we don't pay or obey the rules in the lease.
• Aviva don't do any work to maintain their asset - they appoint Mainstay to do this.
• Mainstay are paid by Aviva to do everything - collect all Aviva's fees, arrange for maintenance work, and charge us.
• Mainstay Police us - they have the power to enforce the lease, and are not accountable to us for performance, value for money, or quality of delivery.

.......and at the end of our lease we lose the right to live inside the apartment - it now belongs totally to Aviva.

• Aviva pays nothing - Mainstay pays nothing - We pay everything.
• We have no control over what we are charged or how well work is done.
• Aviva owns everything - we only have a right to occupy.
• Aviva gets everything - at the end of the lease we lose the right to occupy - forever.

• We pay but get nothing in return - We just pay (+ Mainstay's handling fee) into Aviva's bank - We get nothing at all.

• Want to put in a new kitchen, change your lights,.... We pay for permission (+ Mainstay's handling fee).

• Clear the drains, paint the walls, ..... Mainstay arranges the work - We Pay (+ Mainstay's handling fees).
  Mainstay don't care when it's done, how long it takes, how well it's done, how much it costs.
  They don't care if it should be paid for by TW because they didn't do it right, or by the NHBC under warranty - we just get the bill.
  
  We don't hire Mainstay so they are not accountable to us.