Right to Manage

cheap-information

After increasing service charges at our flat, we've deceided that right to manage is the best alternative.


We have 7 flats in our block and only has a communal stairway in London. I believe I can get over 50% of us to opt for it.


Was just wondering if anyone has moved from appointed management company to RTM?


I know the general process but just wondered if anyone could advise if it's worth employing a company to sort out the RTM initially or if the savings warrant doing it all yourself?


Any help would be much appreciated!

NeilCr

Okay.

If you get over 50% to agree to RTM will they be willing to be involved in the day to day running of the block?

Is there someone who can prepare accounts? Does anyone know anything about the fire regulations? What are you going to do if a resident doesn't pay their service charges? Etc etc. RTM sounds ( and is) good but you need to have residents who are prepared to be directors and get their hands dirty.

Personally, I'd get an MA in if you are successful. Given the size of your block someone local may be the way to go.

[Deleted User]

yes, we did RtM, first bought the freehold and 42 properties bought a share each. We then formed a management co with companies house, appointed directors, chair, secretary and treasurer. An accountant dealt with the money formalities. We moved since then and again took on RtM with a small group, just 6 properties and only a small communal area. We are all directors, have one share each and two of us have taken on the major roles. We had to form a company and appointed an accountant, we arrange insurance and any necessary maintenance. We keep costs to a bare minimum by having RtM and have halved our charge as we now have a decent surplus/safety net of cash


We never employed anyone to help us start, except an accountant. Very much cheaper and no middle man profits

G_M

Providing you have residents willing, and knowlegeable, enough to take on the various duties, it a the best solution. Not just cheaper, but better control too.


But frequently it ends up falling on one person to do everything, and then they get p*ssed off, or mmove, and the whole system collapses.......

[Deleted User]

G_M wrote: »

But frequently it ends up falling on one person to do everything, and then they get p*ssed off, or mmove, and the whole system collapses.......

yes, very true, ask me how I know as yours truly ends up doing everything but other people will do things when asked, however some plead ignorance so it is quicker to do jobs myself and yes I do get p*ssed off and am looking to move, never to be involved in anything shared, ever again

cheap-information

G_M wrote: »

Providing you have residents willing, and knowlegeable, enough to take on the various duties, it a the best solution. Not just cheaper, but better control too.


But frequently it ends up falling on one person to do everything, and then they get p*ssed off, or mmove, and the whole system collapses.......

I have a feeling that that may happen with ours. I wouldn't feel so aggrieved if I could pay myself for my time? Would that be possible? It would be a relatively token amount but if it was £200 or something then it would feel slightly better!

NeilCr

cheap-information wrote: »

I have a feeling that that may happen with ours. I wouldn't feel so aggrieved if I could pay myself for my time? Would that be possible? It would be a relatively token amount but if it was £200 or something then it would feel slightly better!

You'd have to get the other residents to agree

Do you have the required knowledge re accounts, etc?

cooltt

G_M wrote: »

Providing you have residents willing, and knowlegeable, enough to take on the various duties, it a the best solution. Not just cheaper, but better control too.


But frequently it ends up falling on one person to do everything, and then they get p*ssed off, or mmove, and the whole system collapses.......

but often it's very successful and the residents end up saving thousands in fake fees......

G_M

cooltt wrote: »

but often it's very successful and the residents end up saving thousands in fake fees......

Hence I started by saying:

Providing you have residents willing, and knowlegeable, enough to take on the various duties, it a the best solution. Not just cheaper, but better control too.

cheap-information

I think I would employ an agent to file accounts with Companies House, chase charges etc... I believe it is around £200-£300 per flat and I will organise the repairs.