It is really important to make sure you have the right legal advice before starting the RTM (right to manage) procedure.
When using a solicitor, make sure that they are a specialist in this area of law.
A good solicitor will be able to offer you advice about your eligibility, how to organise the process and how to form a right to manage company.
Your RTM limited company will be created after your first steps in exercising your right to manage leasehold property, this company will be liable to adhere to certain statutory regulations.
It is a good idea to be thinking about this at the beginning and ask your RTM solicitor about it to make sure you understand the full legal picture.
Here is an initial review of some of the responsibilities you need to be aware of: - The leaseholders, as a right to manage company, will need to understand legal procedures, housing, health and safety regulations and to employ a solicitor to advise them.
- Legally, leaseholders will need to be found as officers of the right to manage company from the beginning.
- These people will be officers of the company and have director responsibilities.
- Problems raised by other residents can be diverted to the RTM company as well as the landlord.
- You will need to have regular meetings.
- Are you prepared to deal with budgets, accounts and legal issues? Your RTM solicitor will be the person to help.
- The right to manage company has to remain solvent.
Be aware of those leaseholders whom default on their payments.
- You will need to prepare yourself for community issues and problems.
When considering taking over the right to manage, have in mind the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE).
This is a law regarding employees and their rights and protection.
It is advisable to get the professional help of a solicitor to check if TUPE will apply to your RTM company.
Your RTM solicitor will help to explain this point further.
Once all these considerations are in control and you are confident in the handling of the long term procedures, you will be in a better position to go ahead with your project.
You will be more familiar with the new ground and you will be protected under your RTM solicitor's umbrella.
Exercising your right to manage leasehold property will allow you and your fellow leaseholders to make your own decisions about the management of the building and flats.
The advantages can be very rewarding.
When using a solicitor, make sure that they are a specialist in this area of law.
A good solicitor will be able to offer you advice about your eligibility, how to organise the process and how to form a right to manage company.
Your RTM limited company will be created after your first steps in exercising your right to manage leasehold property, this company will be liable to adhere to certain statutory regulations.
It is a good idea to be thinking about this at the beginning and ask your RTM solicitor about it to make sure you understand the full legal picture.
Here is an initial review of some of the responsibilities you need to be aware of: - The leaseholders, as a right to manage company, will need to understand legal procedures, housing, health and safety regulations and to employ a solicitor to advise them.
- Legally, leaseholders will need to be found as officers of the right to manage company from the beginning.
- These people will be officers of the company and have director responsibilities.
- Problems raised by other residents can be diverted to the RTM company as well as the landlord.
- You will need to have regular meetings.
- Are you prepared to deal with budgets, accounts and legal issues? Your RTM solicitor will be the person to help.
- The right to manage company has to remain solvent.
Be aware of those leaseholders whom default on their payments.
- You will need to prepare yourself for community issues and problems.
When considering taking over the right to manage, have in mind the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE).
This is a law regarding employees and their rights and protection.
It is advisable to get the professional help of a solicitor to check if TUPE will apply to your RTM company.
Your RTM solicitor will help to explain this point further.
Once all these considerations are in control and you are confident in the handling of the long term procedures, you will be in a better position to go ahead with your project.
You will be more familiar with the new ground and you will be protected under your RTM solicitor's umbrella.
Exercising your right to manage leasehold property will allow you and your fellow leaseholders to make your own decisions about the management of the building and flats.
The advantages can be very rewarding.