Can Tenants Jointly Create A Right To Manage Company?

Can Tenants Jointly Create A Right To Manage Company

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For a while you have been unhappy at the way your landlord manages your block of flats. When you speak with some of the other tenants sharing the block, they have the same thoughts. Services are not good and you are paying a ridiculously high fee.One of the tenants suggests consulting a specialist solicitor with a view to forming a right to manage company and over the management yourselves.This sounds like a brilliant idea. Nevertheless you should consider that in taking over the right to manage you will have important responsibilities to deal with, find out exactly what these will involve before starting your right to manage process.Some of the issues to think about when considering right to manage (often called RTM) are:- the leaseholders must manage the building via a right to manage company which means understanding legal procedures for company formation. - the leaseholders - who will then have the role of officer of the new right to manage company - must wish to be involved for the long haul. - these legally elected people will include directors, a chairman and company secretary; they will have to carry out all the tasks which usually belong to company directors and landlords. - the right to manage company must be open to and available for critical comment from remaining leaseholders in the same way as the landlord has been. - regular meetings must be held to keep company communications up to date.- bookkeeping, accounts, legal requirements and other essential criteria must be checked. - prompt payment of charges by leaseholders is essential to maintain solvency of the RTM company. - any problems or conflicts between fellow leaseholders must be handled correctly. - you will need to be in line with different company, health & safety and housing laws. - knowledge of the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE). This helps look after employee's rights when a business transfer takes place.Obviously, you solicitor will explain things properly, help and support you. It is sensible to find yourself an experienced RTM lawyer who is a specialist in this area of the law and can provide you with accurate straightforward advice.The right to manage is a positive opportunity for tenants (the leaseholders) who actually own most of the value in the building to control their own affairs. They will be directly involved in decision-making about the management and maintenance of their flats. Imagine how good it will feel when your service charges fall and yet you find you have vastly improved service!

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