One of the lesser-known pieces of property legislation in England and Wales is the 2002 Commonhold and Leasehold Reform Act.
This Act of Parliament enshrines in law the right for leaseholders to transfer their landlord’s management functions to a company they have created - the Right to Manage company, or RTM. This invaluable piece of legislation was enacted to serve two purposes - wrestling control of a building’s management from bad landlords, and empowering the collective body of leaseholders to take responsibility for the management of their block. After all, leaseholders typically retain the vast majority of any building’s total value.
Qbit Property Management can help leaseholders to establish an RTM company for their building, providing step-by-step support and simplifying the process. It’s worth noting that the landlord’s consent is not required, and nor is any court order. An RTM can be set up by anyone, regardless of their landlord’s track record, and after a set period of notice has been served, responsibility for building management transfers to the RTM company established by the leaseholders.
'Qbit Property Management normally charges a fixed fee of £500 to set up an RTM company in London, but we will reduce this cost to just £200 if we are also appointed to manage the building.'