What Are The Implications of Setting Up a Right To Manage Company?

What Are The Implications of Setting Up a Right To Manage Company

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You have read about right to manage (also known as RTM) legislation for your block of flats and think this sounds interesting.Well, before you charge ahead and set up your right to manage company, based on a vague whim, maybe you should give some time first to thinking about what you - and your fellow leaseholders - actually want to achieve. Sounds obvious? It is quite amazing how many people hear about something through the media, start the process and actually have no idea about what goes on. The highest quality advice will be saught from a solicitor who knows about the right to manage leasehold property and specialises in helping clients follow the process. It is likely that your specialist solicitor will be able to offer you a free initial consultation, to help you decide whether the process is for you. Taking over the management of your building - and your most valuable asset - is not a matter of signing a few docs and away you go. Although having a right to manage solicitor on side takes away a lot of the stress and complications of the process, you still have to take a serious and mature approach. An experienced solicitor will talk with you about what you will have to do in your right to manage company and what responsibilities this will involve. Your drive is of key importance. As the leaseholders will jointly be acquiring the power to make approvals and to enforce the covenants of the leases, you need to be aware that you will also become responsible for decision-making. This relates to serious issues such as the quality of the management, repairs and what services are provided, it also requires being involved with the budgeting, reserve funds and any larger building projects. So, it is no good just thinking you can approach this with a casual DIY view. It is not merely about saving some money and getting a few more bits and pieces repaired more efficiently. Your right to manage company solicitor will explain some basic issues to you which you need to give thought to, prior to taking any action. Some of these are:- as a pass over of the responsibilities involved in running the building, RTM doesn't necessarily equal self-management.- it may be the case that management is best left to the professionals i.e. a proper management company, especially if the block only has 6 flats.- any right to manage company will be under an obligation to comply with any Government code of practices on management.There are a good many more issues than this but speak to a specialist RTM solicitor and get proper advice and instruction before proceeding further.

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