Less Than a Quarter of Leaseholders Self-Manage

A recent survey by Leaseholder Support.co.uk at the Ideal Home Exhibition found that only 12% of leaseholders attending the event self-manage their property. Despite having the right to manage (RTM), many leaseholders still rely on freeholders or managing agents.

Lack of Awareness About Self-Management

While 78% of leaseholders are aware of their right to manage, most are uninformed about the process and benefits. The survey highlights a gap in knowledge, suggesting that the Commonhold and Leasehold Reform Act 2002 is not being fully utilized.

Understanding the Right to Manage (RTM)

Introduced in 2002, the RTM allows leaseholders to take control of their building’s management without proving mismanagement. This is done by forming a Right to Manage Company (RTM) and serving a formal notice to the landlord.

Eligibility Criteria for Self-Management

To qualify for RTM, the building must:

• Be self-contained
• Contain at least two flats
• Have at least two-thirds of flats owned by qualifying tenants
• Have a non-residential part making up no more than 25% of the building

Financial Benefits of Self-Management

Leaseholders of small blocks often pay a minimum management fee of around £2,000. By self-managing, they can reduce costs, control expenditures, and avoid unnecessary fees charged by managing agents.

How Leaseholder Support.co.uk Can Help

Leaseholder Support.co.uk provides expert advice and assistance for leaseholders looking to self-manage. Services include deadline management, direct debit payment options, financial and legal documentation, and support for recovering late payments. This structure makes the content clearer and more engaging for readers. Let me know if you want any modifications!