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Property Management after RTM Champagne

Congratulations you've achieved your RTM. You can take control of your property and the way it's services are managed.

The effective date is either the date stated on your Claim Notice or 4 months from the date the Claim Notice was served. From this date the RTM company is takes over the landlord's responsibilities for the maintenance, repair, collecting service charges, accounting, insurance and overall management of the block.

After the handover the landlord's position is similar to that of a leaseholder and if the landlord also a member of the RTM company they will have democratic voting right too. Like any other leaseholder in the block he/she may sue the RTM company for bad performance or apply to the LVT.

Before you gain control however, there are still few things you need to do:
  • Collect as much information as possible from the landlord and any third parties (such as a managing agent) about the building.
    • A List of leaseholders names
    • A list of service charge percentages & due dates,
    • Current arrears balances for each flat,
    • Copies of each lease,
    • Copy of the current insurance policy,
    • Copy of service charge cashbook ledgers since the last set of service charge accounts.
  • Exercise your right of access to the building. You should be able to access all common parts in the block.
  • Consider who is to undertake the management of the block. Managing a residential block is a considerable responsibility and one that should not be undertaken without a realistic consideration of what is involved.

Advisory bodies are agreed that leaseholders should be encouraged to appoint an a Managing Agent initially, even if their long-term aim is to manage the block themselves.

Our 3 suggested ways to manage your block going forward

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Download our FREE tender form to help you find a new Managing Agent

Look Up Price List of Managing Agents

Look up ARMA

Get advisory note on choosing a Managing Agent from LEASE

The landlord must also fulfil his/her duties as part of the handover:

The landlord must inform any contractors currently providing services to the block the the Right To Manage is being exercised.

The landlord must inform the RTM company of any existing contracts concerning the block.

Contractors_notice

A full and clear picture of the block's accounts must be provided. Any leftover service charge revenue must be transfered to the RTM company on the acquisition date. Before funds are transferred the landlord will need to settle any outstanding bills with contractors. This process may take some time.

For a more detailed description of the RTM timeline view the RTM Flowchart.

Can we Qualify? RTM flowchart


The Right to Manage Company Duties
From the date of acquisition the RTM company takes over the landlord's responsibilities for the maintenance, repair, collecting service charges and accounting , insurance and overall management of the block.

Existing service charge funds are handed over to the new company while contracts are either transferred or terminated, as appropriate.

After the handover the landlord's position is similar to that of a leaseholder and as such is also a member of the RTM company. Like any other leaseholder in the block he/she may sue the RTM company for bad performance or apply to the LVT.


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