Now Peverel/Firstport are separate entities from the freeholding companies, funds cheated from residents can no longer be passed to the freeholding companies to service their debts. Instead Peverel/Firstport are using those funds to service their own debts.
This is the reason as to why the freeholding companies have taken so many functions away from Peverel/Firstport, so they can keep the money for themselves.
It should be noted that in the case of insurance, Kingsborough (re-branded First Port Insurance) used to make an average profit of around £4.5m. This has now fallen to around £1.3m. Take away the "inventive" way they operate, it is doubtful if they would make a profit at all.
In the past it had been the case that both freeholder and managing agent interests were conjoined. Not anymore.
What the freeholders need is a very compliant managing agent. One that will "play ball" in any sophisticated attempt to divert leaseholder service charge funds to the freeholder.
Enter Louise Smith.
Her role is to encourage residents to ditch Peverel/Firstport and appoint a new managing agent. She will suggest Freemont or Rendall& Rittner.
Freemont are of course run by the former Peverel gangsters who thought up most of the frauds against leaseholders . Rendall& Rittner are expanding very quickly (especially in the north) They too have questions to answer as to charges levied and "incentives and contributions"
They were also involved in the Simon Van Houten scandal (who stole £122,000 of residents money) It was a resident that found out about it initially, not Rendell& Rittner.
By the way, if by any chance Louise Smith claims she works for Estates & Management, she is deceiving you. She is employed by Fairhold. So do please ask by what authority Estates& Management represent Fairhold. Where is a written contract?
About Peverel agree with Louise Smith that you should rid yourselves of Peverel/Firstport and appoint another managing agent.
But, you should never follow any advice given (in your best interests of course!) by Louise Smith.
It may well be that residents wish to appoint a small independent managing agent (the company not the person!). If that managing agent is not willing to "co-operate with the freeholder, Louise Smith will(no doubt) do all in her power to prevent you making that choice.
