How to manage a Leasehold building?
LOUISE PRICE >
Consultant SolicitorTue 13 August 2019
Leaseholders who are dissatisfied with the management of their building can take matters into their own hands and directly manage the building themselves.
The Right to Manage (RTM) was introduced through the Commonhold and Leasehold Reform Act 2002. RTM is an option for leaseholders to take over the management of the building where they have been dissatisified with a property management agent's services.
Once an RTM Company has acquired the Right to Manage, it takes over the property management agent's role. This involves dealing with the upkeep of the bulding, repairs, utilities, insurance, accounts including the collection of the service charge and any other responsibilities. It works directly with the freeholder to ensure that the building is managed effectively. Although this may sound like a huge task, the members of the RTM company can work together to achieve this outcome or alternatively they can appoint a property management agent of their choice.
It is a 3 stage process, and a building must qualify. If your building does qualify, acquiring the RTM puts the decision making process in the hands of leaseholders without having to go to the expense of purchasing the freehold.
Taylor Rose have helped a number of leaseholders through the RTM process. If you are disappointed with the management of your building or are unhappy with the amount of service charge, RTM is the perfect opportunity to have a say in the management of your property.
If you would like to know more about this service, please contact me on Louise Price.
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