"Sarah works full-time as a school teacher, but has been forced to take up a second job to pay the spiralling bills from the management company of her building. While she was aware of the annual service charge of around 1,400, she wasn't prepared for the bills for a reserve fund which have risen steeply as the management company aims to secure an extra 400,000 from residents for a roof replacement and other projects."
"and then, just before Christmas, a notice asking her for almost 14,000 landed on her doorstep. I just did not expect any of this when I purchased my property, she said. I feel like it is the worst decision I've ever made it has ruined me financially. I'm sure there are lots of people feeling the same as me. If the government want people to purchase property, this needs to stop."
Leaseholders are encountering unexpectedly large and rapidly rising service charges and reserve fund demands, forcing some to take extra work and causing severe stress. One leaseholder paid about £800 a month and then received a near-£14,000 notice for additional reserve contributions tied to major works such as a roof replacement. Government leasehold reform has been promised and partly enacted, but key secondary legislation and implementation details remain delayed amid internal disputes. Leaseholders are urging faster, decisive reform to prevent financial ruin and to restore confidence in property ownership.
Read at www.theguardian.com
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