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Utilities
Leaseholders across the UK have long sought more control over their residential buildings, and a key legal framework empowering them is the Right to Manage (RtM). Introduced by the Commonhold and Leasehold Reform Act 2002, RtM allows leaseholders to take over the management of their properties from landlords, without needing to prove any form of mismanagement. Recently, LRPM has launched a comprehensive Right to Manage service designed to guide and empower leaseholders through this process efficiently.
The Right to Manage gives leaseholders the legal right to form a Right to Manage Company (RTM Company) and assume responsibility for managing their building. This includes overseeing repairs, maintenance, and service charges, providing leaseholders with greater control and potentially significant cost savings. The RTM process is simpler and more straightforward than other methods, such as leasehold enfranchisement, which involves purchasing the freehold[1][2].
To qualify for the Right to Manage, certain criteria must be met:
One of the significant advantages of forming an RTM Company is gaining control over financial management, including service charges and maintenance costs. Leaseholders can negotiate better deals with contractors and insurance providers, potentially reducing management fees by up to 30%[1][4]. Financial decisions are made collectively by the RTM Company members, ensuring fairness and equality in decision-making.
Leaseholders can set their own standards for service delivery, such as grounds maintenance and caretaking services. This allows them to prioritize work based on their specific needs and preferences[4].
Unlike leasehold enfranchisement, exercising the Right to Manage does not require leaseholders to pay compensation to the landlord. However, they may be responsible for the landlord's reasonable legal costs incurred during the process[3][4].
LRPM's new service offers comprehensive guidance and support to leaseholders looking to establish an RTM Company. This includes:
By offering a streamlined and informed approach, LRPM aims to empower leaseholders to make the most of this opportunity and improve the overall management and quality of their residential environment.
While the Right to Manage offers many benefits, it also comes with responsibilities and challenges:
However, with proper support and guidance, these challenges can be effectively managed. LRPM's service is designed to help navigate these complexities and ensure a successful transition to self-management.
LRPM's Right to Manage service is a significant step forward for leaseholders seeking to take control of their properties. By empowering leaseholders with the knowledge and tools to manage their buildings effectively, LRPM aims to improve service standards, reduce costs, and enhance the living environment for residents across the UK.
For those interested in learning more about the Right to Manage or seeking professional assistance, LRPM's service provides a comprehensive resource. Whether you are a leaseholder looking to explore this option or a landlord dealing with an RTM claim, understanding the process and implications is crucial.
