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Why people choose to create an RTM company: creating an RTM company gives leaseholders the right to manage their apartment block or the building their flat is within, rather than leaving the management of the building to a landlord.
There are many reasons that people might want to create an RTM company, and these reasons may include wanting to better manage the costs of services in the building, to have more say on the maintenance of communal areas within the house, and maintaining the building itself, i.e. keeping the roof in good repair, cleaning the hallways and entrance, keeping the bin areas clean and tidy.
Whatever the reasons for creating and registering an RTM company, the process remains the same. There is certain information - the qualifying leaseholders, the number of tenants and residents who want to be part of the RTM, which of those will be officers, directors and active members of the RTM, the insurance information and current maintenance contracts which may be in place, and much more.
Because there is so much information to gather, and because it involves creating a board of officers who need to communicate and agree on the way that things will be managed before the RTM company is even registered, it can be a complicated and drawn out process.
The benefits of registering an RTM company limited by guarantee with Coddan are that the difficulties and challenges are significantly reduced by having a team of qualified law advisers guiding you through the process, and handling the gathering of much of the complex legal information that you need in order to register your RTM company.
Coddan's legal team will talk you through the information that you need to see whether your building qualifies for registering an RTM company, and then through what further information they need from you and other residents. We can advise on the costs associated with registering your right to manage company, or through altering an existing RTM that you want to take over control from.