Right To Manage (RTM)
What is a Right to Manage Company?
Last Update 7 months ago
An RTM building must be made up of flats and not houses, and at least two thirds (2/3) of the flats in the said building must be leasehold. The building must also be 75% residential.
What does it mean to 'manage' a building?
By managing the building, you are responsible for:
- Any complaints about/or against the building
- Collecting and managing the Service Charge and how it should be spent
- Managing the upkeep of the structure building (repairs, the roof etc.)
- Managing the upkeep of communal areas.
What does it mean as a landlord?
You are able to join the RTM as a member and will be able to 'vote' in any decision making process if you chose to become a part of it. It will not effect your flats and you will still own the flats, however the building will be managed by the tenants.