Landlord Direct
How To Set Up A Right To Manage (RTM) Company
Your Right to Manage
The Commonhold & Leasehold Reform Act 2002 provides the opportunity for apartment owners to make their own decisions about the management of their development, including Buildings Insurance, repairs, and service charges, by forming their own Right to Manage (RTM) Company.
The Freeholder's consent is not required & even where Freeholder's may be absent the leaseholders should be able to secure management via the RTM process. You do not need to prove mismanagement by the Freeholder, or the current managing agent.
RTM Companies, gives back the control to leaseholders, who are now to make sure their building is being managed fairly and correctly. This is likely to lead to noticeable savings on repairs & maintenance, management fees, insurance premiums and other expenditure. It should also enhance the saleability and value of your property.
- Landlords Consent Not Required
- No Need to Prove Mismanagement
- Full Control Over the Management of Your Development
For an informal chat contact : Premier Management
The Right to Manage - Do You Qualify?
The Right to Manage is available to leaseholders of flats, not houses
The building must be self-contained (or not part of another building that could be independently redeveloped)
The leasehold property must contain more than 2 flats
More than 2/3 of the leaseholders must be “qualifying tenants” (i.e. those on leases where the original term was more than 21 years)
Less than 25% of the total floor area must be in use for commercial purposes
At least 50% of the “qualifying” leaseholders must support the Right to Manage
Exercise Your Right
The Right to Manage process is very straightforward and if carried out efficiently should take just over 4 months.
There are a number of statutory notices that need to be served to the freeholder and lessees during the process. These must be served at the right time. The RTM Company also needs to ensure the information they require to manage the building is requested from the freeholder including details of maintenance contracts.
Right To Manage is approx £600 plus vat
Contact : Premier Management.
Leasehold / Right to Manage - London
Leasehold Nottingham