Right to manage advice

Jimmyc

Hi,

I currently live in a property with 3 flats, due to residuals charges for poor management we have formed a RTM company and are about to serve notice.

We feel quite overwhelmed by this and would be grateful for some advice.

The property is fairly small and doesn't require much management.

I'm struggling to get insurance quotes, what's the best way to go about finding competitive prices, if I go via a price comparison webpage do I select as a homeowner? If I do it doesn't give me the option docspecify the property is 3 flats not a house. If I select I'm a landlord which I'm not, It asks about the tenants etc.

Also how often do we have to have fire risk assessments done? I don't believe there is an answer for this but generally how often is it recommended?

Is a bank account nessacery? As we don't expect we will be making many payments, what issues would we run into if myself or one of the other directors pays out then invoices the others, (obviously after agreeing a price etc)

Thank you very much for your help and answers

eddddy

Jimmyc wrote: »

I'm struggling to get insurance quotes, what's the best way to go about finding competitive prices,

Contact insurance brokers and ask about freeholder insurance. I haven't seen any websites that do online quotes.

Jimmyc wrote: »

Is a bank account nessacery? As we don't expect we will be making many payments, what issues would we run into if myself or one of the other directors pays out then invoices the others, (obviously after agreeing a price etc)

If everyone agrees to pay (and actually pays), that's all fine. You don't even have to do any invoices.

But problems arise if one or more leaseholders don't want to pay, or can't pay.

If you want to be able to 'force' leaseholders to pay, you will have to follow all the legal requirements. (That might include section 20 consultations etc.)

G_M

Jimmyc wrote: »

We feel quite overwhelmed by this ...
The property is fairly small and doesn't require much management.

then why overwhelmed. The role is pretty limited.

I'm struggling to get insurance quotes, what's the best way to go about finding competitive prices,
Insurance broker

Also how often do we have to have fire risk assessments done? I don't believe there is an answer for this but generally how often is it recommended?
http://www.dorsetfireprotection.co.uk/blog/fire-risk-assessment-who-and-how-often


Is a bank account nessacery?
No but advisable to keep the building's finances seperate.

As we don't expect we will be making many payments, what issues would we run into if myself or one of the other directors pays out then invoices the others, (obviously after agreeing a price etc)
In a small building where everyone knows each other and is cooperative, there;'s no problem.

Will you be collecting an annual service charge from which expenditure can be made? Or invoicing on each item of expenditure as you go along?

Thank you very much for your help and answers

.......................................................................................

eddddy

Also, it's worth considering... the 3 current leaseholders might be sensible, cooperative and easy going.

But if a flat is sold, the new owner may not be.

e.g. A new ground floor flat owner might not want to contribute to repairs to a leaking roof, which doesn't affect them.

Or the communal front door looks tatty and needs repainting: one person wants it painted blue, one wants it painted red, and the other thinks repainting it is a waste of money.