A TENANT in a new leasehold development in Swindon has spoken out about unexpected rises in management fees which have left him ruing “the worst mistake he’s ever made”.

Paul Fallows, 48, who owns a flat in Guild House on Swindon’s Farnsby Street, has told how the increased costs have left him fearing for both his short-term financial situation and his ability to sell the flat in the future.

“It is the worst mistake I ever made, buying this place. I wish I didn’t live here,” said Paul, an operations manager at London’s Paddington Station.

When he moved in, Paul claims he was promised there would be no early change in management charges. “I had some documentation that said fees wouldn’t go up for two years, but then the freehold got sold within about nine months of me moving in there and the fees went up.”

The freehold on the development was owned by 786 Asset Management Ltd when Paul bought his apartment. A company spokesman said: “As developers, we followed the correct legal procedure when selling the property in January 2017. At no point during the sale process were price increases or price fixing agreed verbally or in writing.

“We do our utmost to keep communal management fees and insurance to a minimum. Any lease terms issued are industry standard and agreed by solicitors and lenders.”

Whereas he previously paid £115 a month for both management of the block and buildings insurance, he was later asked to pay them separately: £161 month for management and £300 a year for insurance.

At more than a 60 per cent increase, he says he asked to check what the management company was spending the money on, but was told there would be a £100 administration fee to see the documents.

Nick Smith, the commercial director of Premier Estates, who took over the management of the property after Paul moved in, said: “We distribute all of the information to all of the leaseholders at the end of the year. We communicate with our leaseholders on a monthly basis.”

Describing Guild House as a “troublesome site”, and mentioning issues related to accommodation rental website Airbnb, he said: “The developer has obviously promised him one thing and we can’t manage the development on the amount that he was promised he would be paying.

“Unfortunately, it is quite a common thing that promises will be made to a buyer and we aren’t told.”

But Paul says more needs to be done to protect leaseholders: “I dread opening the mailbox because it is just going to be more bills. We are not dealing with second-hand cars, we are dealing with people’s homes.”