subject: Should I Create A Right To Manage Company For My Retirement Block? [print this page] Should I Create A Right To Manage Company For My Retirement Block?
Looking forward to retirement you don't want to have to worry about the running costs of your retirement flat. You don't want to be an unsuspecting individual at the mercy of a negligent or wasteful landlord.If you are living in a leasehold retirement flat and feeling stressed by service problems, it may be that a right to manage company (or RTM company) is needed. Are the difficulties covered by the service charge and not being attended to according to standard? Are you paying a high fee and wonder where on earth it goes? Well, you may be interested to know that RTM exists for retirement flats and can be a simple process, if you consult a lawyer who specialises in setting up right to manage companies. You and your felllow tenants must want to take on another RTM management company. Self-management is not advisable as there are many statutory obligations that need to be understood and followed. The collective owners of the flats will need to select a management company; this is not as difficult as it sounds. Your right to manage lawyer will guide you through this procedure and the new company will be decided by your own appointed committee. This means from the start, you have control - without the stress. You may shudder at the thought of the legal fees but speak to your right to manage lawyer; it is probable that this will be balanced by reduced service costs. It is not always necessary to pay the landlord a compensation fee and certain solicitors may offer a retirement scheme for the Right to Manage and this is worth looking into. Whilst most blocks of retirement flats are eligible for RTM, except properties owned by the local authority, there are certain requirements to meet: - RTM is applicable to leasehold owners of flats, not to houses or bungalows.- an RTM claim must be submitted for each block in an estate.- statutory qualifications for both the building and applicants must be met.- the building must be detached or part of a structurally independent building.- the lease should have been originally granted for 21 years or more.- at a minimum 2/3 of the flats must be let by qualifying leaseholders. A lawyer whom specialises in right to manage companies will have a good knowledge in this are of the law. He may agree to visit the tenants in a group to deliver a free explanatory overview of the process, with time for questions. Why not ask?
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