Residents of a block of flats in Cardiff Marina had the opportunity to take control of their own destiny in an extraordinary turn of events. The residents, faced with challenges with the management company and maintenance issues, decided to seize the opportunity to buy the freehold of their building, Bayscape. This decision marked a significant milestone for the leaseholders, as they navigated through the complex process of acquiring the freehold and gaining control over the management of their building.
Paul Davies, a resident of Bayscape, shared his initial apprehensions about the state of the building after moving in with his partner. The residents faced issues such as mould and damp, and struggled to get responses from the management company, Seraph. However, despite the challenges, they were determined to take charge of their living situation. The opportunity to purchase the freehold of Bayscape arose in 2024 when the landlord of the building went into liquidation, presenting the residents with a chance to take ownership of their home.
The process of acquiring the freehold was not without its hurdles. The leaseholders had to meet an asking price of £525,000 and secure enough support from fellow residents within a tight timeframe. With determination and collaboration, the residents at Bayscape managed to gather the necessary funds and support to complete the purchase. This achievement was hailed as the biggest leaseholder buyout of freehold in Welsh history by legal experts involved in the process.
The successful purchase of the freehold now gives the residents of Bayscape greater control over the management of their building. They can choose who manages the property and have a say in maintenance and budget decisions. By owning the freehold, the residents have secured their investment and can ensure the long-term sustainability of their living environment. The transition from being tenants to property owners has empowered the residents and provided them with a sense of security and stability in their homes.
Julian Ings, a consultant property lawyer who assisted the leaseholders in purchasing the freehold, praised the residents for their dedication and teamwork throughout the process. The leaseholders’ commitment to investing their own money and taking control of their living situation was commendable. By working together and navigating the legal complexities of acquiring the freehold, the residents of Bayscape have set an example for other leaseholders facing similar challenges.
Moving forward, the leaseholders at Bayscape are looking to establish a new management company to oversee the maintenance and operations of the building. The residents are keen to ensure transparency and accountability in the management of their property, reflecting their commitment to creating a sustainable and thriving community. The successful acquisition of the freehold represents a new chapter for the residents of Bayscape, who have demonstrated resilience and determination in taking ownership of their living space.