Why the Cost of Managing Agents is Often Questioned

• Many leaseholders wonder whether employing a managing agent is worth the cost, especially since efficient management often goes unnoticed. However, managing agents provide essential services that keep buildings in top condition, ensuring leaseholders get value for their investment.

The Right to Manage: Taking Control of Your Block

• Under the Commonhold and Leasehold Reform Act 2002, if over 50% of leaseholders are dissatisfied with their management, they can legally form a Right to Manage Company (RTMCo). This allows them to take control of their building’s management, either self-managing or appointing a new managing agent.

Challenges of Self-Managing a Block

• While self-management may seem like a cost-saving move, it comes with significant responsibilities. Managing a block requires knowledge of leasehold law, maintenance planning, servicechargesorted.co.uk/blogs/service-charge-disputes-what-cam-be-disputed-how-and-the-role-of-the-first-role-planetrent.co.uk/blog/could-a-tax-tribunal-ruling-mean-btl-investors-avoid-3-stamp-duty-surcharge'>tribunal'>service charge collection, and dispute resolution—tasks that professional property managers train for years to handle effectively.

Legal and Compliance Responsibilities of RTMCo Directors

• RTMCo directors must navigate complex legal obligations, including ensuring proper maintenance, adhering to fire and health & safety regulations, arranging building insurance, and fulfilling company law requirements. Failure to comply can lead to personal liability and financial risks.

Why Right to Manage Works for Some Blocks

• In cases where landlords are disengaged, Right to Manage can empower leaseholders to take charge of their block’s maintenance and finances. Whether self-managing or hiring a new agent, leaseholders gain control over decision-making, potentially improving the block’s upkeep.

How Ringley Can Help with Right to Manage

• For those considering Right to Manage, Ringley offers dedicated enfranchisement specialists to guide leaseholders through the process. Their expertise ensures a smooth transition and ongoing support to help leaseholders make informed decisions.