AIBU to be absolutely devastated by this?

Totally out there suggestion probably but can you relocate after you sell? In e.g. parts of Wales or the North East you can find decent homes for £200k. We relocated and love it. Our home isn't worth much but it's big and nice and in a decent area with lower COL. We had jobs that allowed it, though, and were happy to build new social connections.

Ah fair enough we have FP.Quite frankly they should just rename themselves Dick Turpin Ltd.

Sorry you’re going through this.

They're ridiculous

Mine send gardeners that basically razor the grass back to mud, way too often
I can say please don't mow my garden, let the grass recover but they won't lower the cost or change how often they come

My garden is trashed, the sort of decorative area looks awful and there's fuck all I can do about it

The leasehold system is mad too.

I haven't lived everywhere but in the countries that I have lived in, only the UK had a leasehold system.

In the other countries I as in, all of the apartments were freehold.

Just a slight aside, new build freehold’s often have similar issues - one company has a very near monopoly. If the govt want more new builds it really needs sorting out. Have to pay full council tax but no services provided to the estate. Even less rights than leasehold.

The residents in my development have put together a resident's association and the main team who run it have done an amazing job at getting some costs down. One point made that really stuck with me is that the management companies are providing us with a service and we should have a say in what that is. They have also demanded more transparency in costs and we've realised it is a bloody racket. I can see this being the next big scandal, with managing agents being found to be getting kick backs and having no accountability.
I completely understand your frustration, as although our costs have remained the same the last couple of years due to the associations hard work, we still pay similar fees to you in a new build.

It’s good to read your update. You sound more energised to tackle it this morning.

Awful situation but it will pass and you will get to a better place.

Lessees do have rights in relation to service charges but few understand them or how to exercise them or are just not interested. You can ask to see accounts and invoices, you have to be consulted over any works that cost more than £250 per flat, you can exercise your right to manage.

This is what scares me about buying a flat. The maintenence fees are so unregulated.

I would advise you first of all not to panic.

You're not actually losing any money. You said the rent covers the mortgage and the maintenece fees.

Secondly seek a good bit of advice before you make your next move. So you can make an informed move. Talk to the maintenence company. et housing advice. Get advice from people who've been through a similiar thing. Get legal advice if you can.

Theres No harm at all,in putting the flat up for auction at a lower price if you want ro get rid of it

Is it the service charge going up or is it a one off repairs/works that need to be carried out and is covered/needs to be covered by a section 20 notice?
I wouldn't suggest "going after them" but getting legal advice is a great idea. Is renting it out in the meantime an option?

Ditto
Legalised theft
Have you and other leaseholders considered getting advice from LEASE?

It’s not a company who are the initial place where a ship
might dock is it? If so, have you joined the FB group? Lots of advice on there.

@schoolmum11 No, I'm not. Sorry you're in the same boat. What's happening with yours? We already have RTM and have gone through the process of the suggestions listed here so there's that at least, but it's still costing a fortune.

Well maybe Labour can sort this shit out.

It doesn’t sound dramatic at all. It sounds absolutely awful and I feel so sorry for you.

There has been a massive initiative for many years lobbying MP's over leasehold issues but the problem is too many people in power are milking the money from this feudal system . It's also nigh on impossible to retract existing contracts so combine the two issues and no government will actually do anything about it , plenty of lip service and platitudes but no action .

Wait until it is sold at auction

Sorry to hear about your situation. Speak to these people
https://www.leaseholdknowledge.com/

Also, do get some help for your anxiety around it.

It will probably work out better than you anticipate. Good luck.

@Jaehee hi - are you in Canary Wharf by any chance? In a similar position!!

@Haveyouseenthischicken are you happy to name your management company here?

There's a lot of information here: https://www.lease-advice.org/

What is the structure of the management company?

I deal with service charge accounts and most are set up as:

• Freeholder/landlord - the original developer will have installed a managing agent to manage the property initially. They may or may not be connected to the developer.
• Management company - this is a company that is formed to manage the property. The directors of this company are usually residents of the property and they have the ability to hire and fire the managing agents.
• Managing Agents - the people hired to run the day to day activities of the property.

If you don't currently have that middle management company, you can set one up yourselves through the Right to Manage scheme.

What you can do at the moment, however, is use the statutory rights available to you for inspection of accounts.

If you truly think the services being provided are poor value for money you can take it to tribunal. This managing agent was hauled over the coals and ejected from a professional body - https://propertyindustryeye.com/property-firm-expelled-from-industry-body/