The Right To Manage Your Block Of Flats
If you have been unlucky enough to experience the nightmare of bad managing agent for your block of flats you will probably have looked into the benefits of setting up your own RTM.
Many leaseholders have had bad experiences with their managing agents and have gone down this route.
The benefits are that you can appoint your own agents to look after your block as well as arranging your own buildings insurance (provided the leases allows for this).
There is no law that says you can't set up your own right to manage company should you wish to.
As we know some managing agents are very good and there is never any need to change them but some of them are absolutely useless and charge a fortune.
By setting up your own RTM you will be able to take control of your own management.
There are lots of advantages of dealing with your own management but along with your fellow lessees you will have to be sure that this is the best solution for you.
Some points worth noting are that you will need to get 50% of the lessees to agree to the RTM.
The RTM ultimately will be responsible for theupkeep of the building and must ensure that the terms of the lease are complied with in regards to external repairs and decorations.
It is also worth noting that the freeholder can issue proceedings against the RTM if they feel that the maintenance is not being carried out.
You don't have to prove that your block has been poorly managed to set up an RTM.
You can in fact just go ahead if you feel it is in the interest of the leaseholders.
Some of the downsides are that you may fall out with your neighbours if you are having to chase them for arrears of service charges or breaches of the lease and you will have to set aside some time to deal with other aspects of the management.
Many leaseholders set up the RTM so that they can have some control over who is dealing with the management.
You don't actually have to do the management yourself as this can be time consuming and in some instances requires a little expertise.
However if you decide to do the management yourself you can charge fees.
You will be required to have a AGM and prepare accounts so that everyone can see the block is being managed properly.
Many leaseholders have had bad experiences with their managing agents and have gone down this route.
The benefits are that you can appoint your own agents to look after your block as well as arranging your own buildings insurance (provided the leases allows for this).
There is no law that says you can't set up your own right to manage company should you wish to.
As we know some managing agents are very good and there is never any need to change them but some of them are absolutely useless and charge a fortune.
By setting up your own RTM you will be able to take control of your own management.
There are lots of advantages of dealing with your own management but along with your fellow lessees you will have to be sure that this is the best solution for you.
Some points worth noting are that you will need to get 50% of the lessees to agree to the RTM.
The RTM ultimately will be responsible for theupkeep of the building and must ensure that the terms of the lease are complied with in regards to external repairs and decorations.
It is also worth noting that the freeholder can issue proceedings against the RTM if they feel that the maintenance is not being carried out.
You don't have to prove that your block has been poorly managed to set up an RTM.
You can in fact just go ahead if you feel it is in the interest of the leaseholders.
Some of the downsides are that you may fall out with your neighbours if you are having to chase them for arrears of service charges or breaches of the lease and you will have to set aside some time to deal with other aspects of the management.
Many leaseholders set up the RTM so that they can have some control over who is dealing with the management.
You don't actually have to do the management yourself as this can be time consuming and in some instances requires a little expertise.
However if you decide to do the management yourself you can charge fees.
You will be required to have a AGM and prepare accounts so that everyone can see the block is being managed properly.
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