Do you pay a service charge but don't have any input as to how it is spent?
Do you pay ground rent to a third party freeholder but never seem to have any other interaction with them?
Is your development managed by an Agent elected by your Freeholder?
Would you like to take control of how your service charge is spent?
Nearly all enquiries received by PMS from new developments involve guidance on Right To Manage (RTM).
Right To Manage was legislation introduced in Parliament in 2005 to allow control of a development to be passed to property owners who pay the service charge.
Imagine the freedom that would give you; to employ your choice of managing agent and contractors, to be able to sit on the Board of Directors of your newly created company to help and advise on matters concerning the running of your development, and to promote the success of your company adding value to your property.
PMS specialises in the formation of Right To Manage Companies.
RTM, the right to manage your development
On behalf of property owners who crave the transparency and control that a newly formed Residents Management Company will afford, PMS will help you through every step of the process.
To begin an RTM process for your development, you must be able to say 'yes' to the following three questions:
1. Can you assist us in rallying support from at least 50% of other property owners on your development?
2. Do at least two thirds of the flat-owners within the block have long leases (more than 21 years remaining)?
3. Is no more than 25% of the block used for non-residential use (excludes car parks and common areas connected with the flats)?
RTM is not a complicated process to follow with the right guidance; PMS will provide this guidance to allow you to complete the RTM in as short a time as possible.
You can obtain further information from a leaflet published by LEASE (the Leasehold Advisory Service) by clicking <here>. You will need Adobe Reader which can be downloaded by clicking <here>.
Not all developments can follow an RTM process successfully, please call us if you are unsure and we will be happy to offer guidance.
PMS Leasehold Management Ltd
01206 835 350 info@flatmanagers.co.uk
© PMS Leasehold Management Ltd 2010, All Rights Reserved
