If you live in a block of flats, and are unhappy with the service and cost, the Commonhold and Leasehold Reform Act 2002 enables you to get rid of your existing managers without having to prove incompetence.
There are three conditions: at least half of the flat owners must want to do this, at least 75% of the building must be residential, and at least two-thirds of the flat owners must have long leases.
We can help you through this process quickly and cheaply: we charge £50 per flat plus VAT for administering the process for the RTM Company. For larger buildings we may quote a lower rate, but there is a minimum fee of £500 plus VAT.
From the date of incorporation of the RTM Company, the process takes 6-7 months, providing you can get at least half of the flat owners to sign up within two weeks of incorporation. If they have signed up before you decide to incorporate, then it takes just over 20 weeks from incorporation.
However, there is no guarantee that it will be all plain sailing, and some Landlords look for reasons to delay or frustrate the process. Our experience is that generally most Landlords are resigned to the new rights of lessees, and we formed one of the first RTM Companies in the country.
What do you do when you have taken control? You can appoint your own managing agent, or you might like to consider our on-line accounting service and do some of the hands-on work yourselves: www.bm-online.co.uk
