Where do I start?
In order to qualify to form a Right to Manage company:
- Over 50% of the leaseholders need to support the idea.
- The residential element of the building must be at least 75% of the property. So if there are commercial parts to your building they must not exceed 25% of the total floor area.
- 66% of the leaseholders must have ‘long leases’ defined as one originally granted for more than 21 years at a premium and a low annual rent.
What should I do I next?
Informally canvass your fellow leaseholders to see if a majority of them want to join a RTM company and whether they qualify.
If you do not know any of you neighbours we can assist you in contacting them.
Then contact us
Once at least 50% of your co-leaseholders have indicated that they would support the formation of a Right to Manage company we can assist by:
- Formally canvassing all the tenants
- Preparing the paper work
- Attending a leaseholders meeting to explain the procedures, costs, potential savings and timings
- Setting up and registering the RTM company
We will also provide detailed Factsheets to guide you through the process and highlight the potential issues and pitfalls.
Timing
To set up the company and go through the process takes a minimum of six months assuming the landlord does not object.
On-going management
Once the RTM process is approved and your company is in place, if you so desired, we could then manage the building on your behalf and set up all the payment processes.
In the first year of management we would also review all existing contracts, the performance of the contractors and establish an effective building maintenance programme.
Insurance is often one of the largest items of expense – often because in the past landlords have been able to earn sizeable commissions for inappropriate block policies. It is our policy to pass on all insurance savings and commissions to our clients – you the leaseholders.By this simple process alone we can achieve considerable reductions to your service charges and savings of 50% or more are often possible.
We will report to you, the members of the RTM company, monthly, quarterly or annually as requested. We will also organise the Annual General Meeting (AGM), appoint auditors and will be available to solve all your maintenance or repair problems no matter how big or small.
Your funds will be held in a ring-fenced client account, which is independently audited and RICS regulated.
We regard good communications with our clients as a vital part of our service. While we use the postal services when required, we encourage our clients to contact us by telephone or email. We also provide each group of tenants with their own dedicated micro-website which only they have access to. As well offering useful general information, from this site clients with internet access can download AGM minutes, accounts and up-to-date maintenance schedules.
Ethos
Our professional practice has been built on personal service and, as we grow, we have ensured that the people we employ always remember and live by that maxim. We know that silence is often the worst thing. Managers that don’t communicate or ignore complaints because their employers, the landlords, cannot be bothered can be intensely frustrating. This is often cited as one of the main reasons why people set up Right to Manage companies in the first place. We, on the other hand, are answerable to you.