RIGHT TO MANAGE (RTM) ADVICE
Born out of the Commonhold and Leasehold Reform Act 2002, the Right to Manage allows qualifying leaseholders the right to collectively assume all management functions of the Freeholder under a specially formed Right to Manage (RTM) Company.
The process is relatively simple and does not require the freeholders consent – in fact, the leaseholders are not even required to prove mismanagement. The right is exercised by service of a formal notice, which after a set period of times elapse, the management transfers to the RTM Company.
However, there are some qualifying criteria which must be satisfied. The building must meet certain conditions and a minimum number of leaseholders is required to take part:
* A ‘qualifying tenant’ is a leaseholder whose lease was originally granted for an original term of more than 21 years.
The right to manage may only be exercised by an RTM company and the members of the RTM company must comprise a sufficient number of qualifying tenants. The required minimum number of qualifying tenants must be equal to at least half the total number of flats in the building.
If you do not believe you are getting the best possible service from your freeholder or freeholders appointed agent, then why not call us to discuss whether Right to Manage is for you and your fellow leaseholders and find out how we can help.