How much does it cost to exercise the right to manage?
Exercising the right to manage flats (also known as RTM) may incur the following costs:
- Surveyor fees
- Companies House registration fees
- Legal fees (for your solicitor)
- Legal fees (for your landlord’s solicitor)
- Any fees incurred by your landlord in dealing with the notice
- Accountancy fees
- Managing agent fees (if applicable)
- Leasehold Valuation Tribunal fees (if applicable)
The amount of these fees will depend on the size of the building, the number of tenants involved and the response of your landlord.
You must remember that the more tenants involved in the right to manage company, the more the overall cost is divided down.
How long will it take to exercise the right to manage?
There is no hard and fast time for the right to manage process. However if everything ran smoothly, then your right to the management of the building could begin 4 months after the creation of the company.
Once your UK RTM company is created, you must allow 14 days in order to inform the non-involved tenants of its existence and offer them membership. Once this is done you can then serve notice upon your landlord. You must give the landlord 28 days in order to respond to the notice and where applicable issue a counter-notice. Under statute you can only officially commence the takeover of the right to manage company 3 months after this 28 day period.
This time period can be delayed by factors such as organisation of your fellow tenants when creating the company, getting a surveyor to examine the building and produce a report, and the landlord issuing a counter-notice which means you have to apply to the Leasehold Valuation Tribunal.
For expert UK RTM advice, talk to us first
Wherever you live in the UK, our specialist right to manage Solicitors can help you.
- FREEPHONE 0800 1404544
- For FREE initial phone advice, phone 0800 1404544 or
- For e-mail advice, use the contact form below