Is RTM right for your block?
Ringley is in the news today with an exciting announcement – we are thrilled to now be working with the UK’s biggest Right to Manage company, which will pay to use our operating systems as a franchisee client.
We have designed and built our own in-house operating systems over many years and we use them to great effect across our own 12,000-home property management portfolio. Now three RTM companies – one for each of the freeholds - at Century Wharf Estate in Cardiff, will have access to those systems too.
Century Wharf Estate is a major development. It comprises 945 apartments and houses spread across 19 buildings. In 2014 the leaseholders acquired the right to manage their own homes under the provisions set out in the Commonhold and Leasehold Reform Act 2002. This is something that we are absolutely in favour of, as it puts leaseholders in the driving seat. It gives residents the opportunity to either replace their managing agent or take over responsibility for managing the building from the freeholder.
We can provide all the help and advice needed by residents in blocks that are considering going for RTM. Our specialist legal team will take you through the process, which requires strict criteria to be met. Two thirds of the flats in the block must be leased to qualifying tenants and properties must
- be stand-alone structures or part of a building that has independent access and services; and
- contain two or more flats where the leases were originally granted for a term of more than 21 years.
Some blocks have complex layouts and lease structures and it may not be straightforward to work out whether or not you and your fellow residents would qualify. So if you are interested in RTM, a good starting point is our E-book, which you can find on the Ringley website.
So take a look and if you still think RTM is for you, give us a call. We’re here to help.
Author : Maryanne Bowring
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