Right To Manage (RTM)
Vestra Property Management actively seek to assist leaseholders who want to exercise their statutory right to take over the management of their property from the landlord by setting up a Right to Manage company.
Right To Manage (RTM) is a prescribed route granted under the Leasehold and Commonhold Reform Act 2002 to enable a group of leaseholders collectively to gain control of the management of their development. It is a process that can be initiated irrespective if you feel that the current management company have acted negligently.
There is a certain eligibility criteria that must be met in order to successfully complete the process. The main points are:
Every participating dwelling must be an Apartment. Houses are excluded from this legislation entirely.
At least 50% of the apartment-owners must be willing to subscribe to the process.
At least 2/3rds of the apartment-owners must have “long leases”. These are leases that are greater than 21 years at the time of issue.
At least 75% of the floor area of the block must be used for residential purposes.
Once eligibility is ascertained a specific process must be followed. If the process is not followed the existing management party can raise a counter claim and RTM will not be successful without having to re-issue. The process is not difficult as long as the prescribed timeframes and notice-wording is followed and all information utilised is accurate and diligently sourced.
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