OBMS Ltd Managing your Right To Manage.
Contracts, Responsibilities, Financial Commitments and Complexities.
Right to Manage gives leaseholders the opportunity to take over the management of their property — but with very real responsibilities.
The Right to Manage (RTM) was introduced through the Commonhold and Leasehold Reform Act 2002, giving leaseholders the statutory right to take over the management of their property from the Landlord. This would allow for more input into communal expenditures, such as insurance, cleaning and works carried out, and for the leaseholders to liaise directly with us as the managing agent to ensure that the property is managed the way the residents wish.
Although the process is relatively straight forward, the qualifying rules and criteria can be complex. There are certain requirements in order for residents to exercise their statutory rights in this regard:
- The premises must consist of a self-contained building, or part of a building: ‘part of a building’ is self-contained if it has vertical division, could be redeveloped independently and has, or could have, its own services.
- Your building must include at least two flats.
- At least 50% of tenants (flat owners) must ‘qualify’.
- To ‘qualify’, the original lease must be for more than 21 years.
- There is no limit to the number of flats owned by one person.
- Any commercial/non-residential content must be no more than 25% of the total floor area.
- No past or present residence is needed.
Should you be interested in managing your block and employing us as managing agents, please feel free to contact us in order to arrange a meeting. We aim to accommodate your needs as much as possible in this transitional period, providing help, support and information whenever required.