Stuck with a student pod and no management company?Make Text Bigger
I purchased our student pod in 2017, and it came with the on-site management company that offered a rental agreement stipulating that they would cover all the maintenance costs, would be in charge of letting the property out and would provide a regular fixed rental income on a quarterly basis.
In October 2020, not only have I found myself with no rental income from April (due to pandemic) but I also found out that the service charge and ground rent had not been paid for 2 years after the leaseholder presented me with some hefty invoices of over £5000 arrears.
I panicked as the management company claimed that due to the pandemic, they were unable to pay any money, so I decided to appoint another company to manage my flat, but that did not go well as they did not cover any maintenance, so I had to retract my application for their services.
The existing management company just took my initial request into consideration and terminated our contract as soon as I asked them to cooperate with the handover, even though literally the following day I communicated the change of my mind regarding the switch and my husband (whose name is also on the rental agreement) had never consented to it anyway.
I had been left with no management company and nobody to rent the studio to. Because it is not rented, I cannot sell it. We had also secured a mortgage against that flat so now, not only are we not receiving any income from the flat, but we also have to pay the maintenance and the mortgage from our salaries, which is not sustainable in the long run.
I would appreciate any thoughts, suggestions, especially if anybody had/has experienced a similar situation.
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