Right to Manage

bezza24

Hi

Just after some advice on taking out a RTM company. I have found a company who will do it all for us for £495 each. I am in a converted house which consists 2 self contained flats. We meet the criterea to do so, but i wondered if anyone had done this and whether it is worth it?

Currently my managing agents charge around £1000/year, and we don't have any grounds of common area's to look after.

I was just concerned that we would incur annual costs in changing to a RTM company??

PasturesNew

If there's only two of you, can you not become your own managing company?
Why let somebody else loose with your purse?

Doozergirl

We paid £500 for our block!

http://www.canonburymanagement.co.uk/

If you manage yourselves, which I would advise you do for two of you, then you decide exactly what gets spent on what. You hardly need a managing agent to mediate between two of you

£1000 is shocking for two flats with no communal areas! :eek:

bezza24

Yes we will be managing our own house, and the RTM company will be ours.
these guys just set it all up for us then send out all the appropriate notices that we will need in order to transfer.

I just wanted to know if there were any further costs having your own RTM company, such as annual fee's???

£1000 is crazy - thats each as well so it's actually £2000!!!!!! they wanted £819 for the insurance - can't wait to get my own i can tell ya!

how long does it take as well?

shudder

I'm no expert in this area but one thing I can think of is the services of an accountant and maybe directors & officers liability insurance.

First have a look at information available from Association of Residential Managing Agents - http://www.arma.org.uk/flash2.html

You should be made aware that you could potentially face unlimited personal liability as a company director. See 'Personal liabilites of an RMC directors' (starts on bottom page 2) - http://www.arma.org.uk/download/ARMAGN.pdf