Right to manage – RTM Block management
Are you a leaseholder who holds a block of flats or apartments? And are you having trouble gaining the management rights of those properties? Well, the good news is you can manage and amend them as you like. Similarly, the bad news is that it is not that straightforward. Please keep reading to learn more about RTM block management.
What is RTM block management?
The formation of an RTM company allows the leaseholders to gain management rights. Although you will not own the property, you will still be able to manage and control those property blocks.
The conditions to qualify for a right to manage company
As per the Commonhold and Leasehold Reform Act of 2002, you must meet the following conditions before qualifying for the formation of an RTM company:
- 66% of the properties must have living tenants.
- 66% of tenants must have a lease older than 21 years.
- 71% of the total properties must be for residential purposes only.
If all the above conditions are met, you are entitled to form an RTM block management company and start managing your leased properties.
Be very careful while advancing towards an RTM.
There are numerous laws and acts in place that numerous leaseholders often overlook. Similarly, some acts work very well in favour of the landlords.
So, the best practice is always to consult a specialist before moving forward with RTM.
Uniq Block Management
Now you have an RTM company and are a bit confused about moving forward. Also, are you worried about taking a wrong step that might hurt you in the long run? Fear not; Uniq Block Management can appoint one of their specialists to manage your RTM Block management process flawlessly.
Finally, please feel free to ask for a free quote or talk to our Right to Manage experts today. Thanks for the Read!