Does Setting Up Right To Manage Companies Help With Overpriced Service Charges?

Does Setting Up Right To Manage Companies Help With Overpriced Service Charges

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You are not happy with the way your landlord is managing your block of flats; he charges a high price and you wonder where the money is going. Well, under right to manage legislation, you could find it is far better and less costly to manage this yourself, together with the other tenants.Before contacting a right to manage (RTM) solicitor, it is a good idea to learn a little first about the right to manage flats in general. RTM needs to be under the control of an RTM company which is incorporated with prescribed articles.Don't get this mixed up with a normal company which has shareholders; right to manage companies are limited by guarantee with all leaseholders occupying the block being entitled to become members with individual liability limited to 1. After November 2009 the law was changed so that RTM companies only needed one director. However it is recommended that there are three or more on a board of directors.These directors will not necessarily be leaseholders of the property but to maintain better control, it is a good idea that they have at least some interest or association with the property such as being a relative of one of the residents.This is all very well, you might think, but what about the lurking hazard of complaint that the procedure is undemocratic. Well it is for this reason that many leaseholders in a block will aim for 2/3rds of tenants to agree to join the new right to manage company before an RTM claim notice can be issued. Unlike the statutory requirement of 50%.Beyond this, you will need other outside support and definitely a solicitor who specialises in setting up right to manage companies. A frequent question will be: is this going to be a long, drawn out process that takes years and endless meetings and form filling before being finalised? In other words, is it going to be worth it?Once you have legally created your RTM company, the actual RTM process can begin. This begins by serving a statutory claim notice on the freeholder, which your RTM solicitor will do for you.Once this has happened the remaining process is reasonably straight forward and your solicitor will take control issuing further notices. The process of setting up right manage companies can often be finalised within two months with the right to take over management following three months later.In order to set up your own RTM company and more information about the whole process, get in touch with a specialist RTM solicitor.

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