Not what you need when you are struggling to survive, but the Government have just delivered a huge blow to Firstport's survival prospects.
Much of Firstport's income comes from charging the owners of freehold houses maintenance fees for surrounding development land.
Not only have these freeholders been ruthlessly exploited often Firstport have not carried out any work for their fees.
Firstport have got away with this for many years, because either they or their connected companies have obtained the leaseholds for development land (often in unexplained circumstances)
They have done this in the full knowledge that the freeholders have no rights to challenge excessive costs and poor service.
All that is about to change.
Proposals for a change in law will finally give freeholders the right to challenge fees at the First Tier Tribunal and crucially to have the First Tier Tribunal appoint another managing agent to manage the development.
If freeholders excercise their rights, up to 25% of all Firstport income will be lost to them.
