It takes around 5 months from the date you reach 50% participation.
Your funds are held in trust on your behalf, all uncommitted funds are transferred over on the day you acquire your right to manage.
Yes, this is because many leaseholders are facing excessively high charges for items such as insurance, rental agreements and maintenance contracts purchased at uncompetitive prices. By appointing your own managing agent who is accountable to you, the owners, you will control how your service charge money is spent instead of the landlord. At the end of the day, you the leaseholders decide.
By completing an RTM the RTM Company will take control of the management functions of the building. Typically the RTM Company will appoint a managing agent to manage the building on their behalf.
If employed by the Landlord their employment will be protected under the Transfer of Undertakings (Protection of Employment) Regulations 2006 (known as TUPE) and they will continue in their roles.
At least one Director is required. There is no restriction on the number, larger blocks will often comprise of a board of three.
Simply put the role of the Director is to work with your managing agent and provide instructions.
As long as you are the registered owner of the flat you can participate regardless of where you live.
Your liability is limited to £1.
- At least two-thirds of the flats must be let to ‘qualifying tenants’ (a tenant who was originally granted a lease term of more than 21 years).
- It can be part-commercial but the non-residential part must not exceed 25% of the total floor area, excluding common parts.
- The building must be self-contained or structurally detached.
- RTM does not apply where the immediate landlord of any qualifying tenant is a local housing authority.
- RTM does not apply where the premises fall within the Resident Landlord Exemption. To fulfil this exemption would require the following:
- The premises must be other than a purpose-built block (for example a converted house); AND
- They must comprise not more than four flats; AND
- One of the flats must be occupied by the freeholder or an adult member of their family as their only or principal home for the last twelve months.
Yes, by forming one RTM Company for each block.
We cover the upfront cost and only recharge (works out at about £50 per flat) if your claim is successful.
Yes, your RTM Company will take control of the management functions of the building, including the right to insure.
These are passed on to the RTM Company. Leaseholder requests for consent to alter, sublet ETC are made to the RTM Company.
Ground rent is still payable to the Landlord as per the terms of your lease.
We will provide a hands on service to help with your RTM from start to finish. We will check your building qualifies, arrange leaseholder meetings and provide a presentation on the Right to Manage, complete a lease and budget review. We will set up your RTM Company, download Title Registers and complete visits to you building in order to make contact with owners. We will produce the relevant notices, membership forms and co-ordinate signature before serving the notices in line with the statutory requirements.
We get a great deal of satisfaction in helping owner’s exercise their Right to Manage. By helping you through the process we will build a good relationship with owners and having built a positive relationship we would expect to be in pole position when you appoint your managing agent.
Find out how our property management service can help you
38 Corbidge Court,
Glaisher Street Greenwich Quay,
London SE8 3ES