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Managing RTM Leasehold

JBeaC
JBeaC Posts: 43 Forumite
Third Anniversary 10 Posts Name Dropper
edited 19 August 2024 at 5:02PM in House buying, renting & selling

We are a small group of leaseholders tired of poor quality, incompetent and costly managing agents fees, so are considering managing our RTM ourselves. We haven’t done this before because due to the personal circumstances of some of the leaseholders, most duties will land on just one person. Can anyone advise on the roles and responsibilities so we can look into what duties need delegating?
I’m thinking:

Appoint an accountant (for which duties?)

Filing for companies house?

Would we need to set up a bank account to collect the monies?

Organise regular H&S / maintenance checks?

Organise maintenance works

I’m completely new to this and it’s out of my comfort zone. If anyone can advise on the specifics and where to start it’d be really helpful. 
 

Thanks


Comments

  • eddddy
    eddddy Posts: 17,752 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 26 September 2024 at 3:47PM

    As another option, you could create an RTM company - but then hire your own choice of management company to do the management.

    You can choose a company with reasonable fees, and potentially negotiate the contract terms you want - for example, the leaseholders might want to be able to instruct the management company about when repairs are done, which contractor is used, etc.

    And the management company should be be able to advise you about legal requirements you need to carry out.

    And, if necessary, the management company can get stroppy with leaseholders who don't pay their service charge or breach their leases, etc - and even take legal action against them, if required.


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