Is A Right To Manage Company Right For You?
Some people enjoy owning a flat because they don't have to worry about the external maintenance of their building. Since a management company appointed by the landlord will generally be in control of the process, the tenants can enjoy their homes without having to concern themselves with the idea of maintenance.
However this ideal situation is far from the norm in some cases. Doing maintenance on the outside of the flat may not be a problem if the landlord is quite efficient has completes any work that needs doing on time. But if they would rather spend as little as humanly possible on maintenance, it can lead to very disgruntled flat owners as a result.
This is exactly the situation where people get together and use their legal right to manage their leasehold property and create a company for this purpose. You may see this expressed as a RTM company, but this means exactly the same thing. The main thing to remember though is whether or not you are the right kind of person to run one. Someone needs to get the ball rolling if there is enough interest in the idea. Furthermore someone also needs to act as the chairperson at all the committee meetings that will need to take place once the company is formed.
You might find that someone who enjoys being organised may willing take on the role. You may believe that you have good people skills and will encourage people to get involved whilst sticking to all the rules of running a company. It might be the case that although you support the idea of a RTM company, you do not wish to be it's director.
If this is the case it might be a good idea to speak to the other tenants who are interested in setting up the right to manage company. Someone may happily step forward to take on such a role. Obviously if no one comes forward and wishes to be in charge then the company cannot be created. Same as with any company, the right to manage company will need directors. So you must consider whether you would be happy to be a director, or whether someone else would be better at taking on the role.
It is very important not to jump into exercising your right to manage leasehold property without knowing what is required of you. An RTM company has an important role, so you must know whether you will be prepared to take it on.
About the Author
Bonallack & Bishop are specialist right to manage company lawyers (http://righttomanagecompanyuk.co.uk ). For more information on the right to manage leasehold property contact them today. Senior Partner Tim Bishop is responsible for all major strategic decisions at the firm, which he has grown by 1000% in 13 years. Tim sees himself as a businessman who owns a law firm.
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