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Flat owners in Newport are expressing their frustrations over service charge bills that have reached a staggering £3,379. Ben Murphy, a 29-year-old maths teacher, highlighted the 262% increase in his service charge set by FirstPort since 2020. While homeowners are obligated to pay an annual service charge for various building-related expenses, residents like Mr. Murphy feel burdened by the escalating costs.
Despite claims from FirstPort that they work to keep service costs manageable without compromising quality, residents like Dan Willis, 28, are struggling to meet the demands of the service charges. Mr. Willis revealed that the charges exceeded his annual mortgage payments in 2024, leading him and his wife to borrow money just to pay off the fees. The financial strain caused potential buyers to withdraw interest in their property, showcasing the impact of these exorbitant service charges on residents.
Residents in other developments managed by FirstPort, such as Victoria Wharf in Cardiff Bay, are also mobilizing to remove FirstPort and manage the site independently through a Residents Management Company (RMC). Issues of lack of transparency and control over expenditure have been raised by Peter Larwood, a resident advocating for the formation of an RMC at Victoria Wharf. The move towards self-management is seen as a way to ensure greater visibility and control over financial decisions.
The UK Labour government’s recent announcement of an outright ban on new leaseholds aims to address issues of abuse and poor service experienced by leaseholders. While experts like Simon Care agree that more regulation is needed, they maintain that the concept of leaseholds is not inherently flawed. Suggestions for closer examination include ensuring competitive rates for contractors, competitive building insurance pricing, and regulating the percentage of service charges allocated to building management
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