As a flat owner in a residential apartment block, you might question the cost-effectiveness of the Service charge demand. You may believe that you are stuck with your freeholder's managing agent, but under the Common-hold and Leasehold Reform Act 2002, if at least 50% of the lessees agree and complete the correct procedure, you can gain the right to manage (RTM) your block and take over its management.
Although people are free to operate the RTM themselves, there are also plenty of legal requirements and obligations that must be followed to the letter. Annual financial statements must be kept and audited, resident AGMs must be held, and proper insurance coverage must be provided and maintained. Then there is the day-to-day management of the block, as well as organising the building's maintenance and upkeep. Negotiations with neighbours may be necessary.
We strongly advise hiring a competent and experienced management agent to handle all elements of your building's operations. Our Block Management team, which includes experienced property managers, surveyors, engineers, accountants, and other support employees, are fully qualified to handle any problems that may arise.
We also have expertise assisting residents in establishing 'Right to Manage Companies' (RTM) so that they can appoint their own management agents and have a greater voice and control over how their service charges are spent.
If you would like more details of how Symon Stirling Block Management Department can help you or if you would like advice on obtaining the right to manage your block, please feel free to contact us at info@symonstirling.com