Why would leaseholders want to use RTM?

There are several reasons why leaseholders might consider using RTM:

Dissatisfaction with current management:

If leaseholders are unhappy with the way the building is being managed, RTM can be a way to take control.

Desire for more control:

RTM gives leaseholders the power to make decisions about their own building.

Potential cost savings:

Leaseholders might be able to manage the building more efficiently and save money on service charges.

How does RTM work?

To use RTM, leaseholders must form an RTM company. At least half of the leaseholders in the building must agree to participate. The RTM company then serves a formal notice to the landlord, and after a specified period, the management responsibilities are transferred to the company.

Key points to remember:

• RTM is a legal right, and landlords cannot prevent it if the criteria are met.
• Leaseholders can manage the building themselves or hire a managing agent.
• The landlord still owns the building, but the leaseholders manage it.
• RTM can be a complex process, and it’s essential to seek professional advice.

Taking the Right to Manage (RTM) route can be a big step for leaseholders, but it can also be a rewarding one. If you’re considering RTM or need advice on the process, our team of experts is here to help.

Please don’t hesitate to contact us at contact@bpm.london for a free, no-obligation chat. We can provide guidance on feasibility, the RTM process, and potential benefits.