right to manage company

right to manage company

a special type of company permitted by the Commonhold and Leasehold Reform Act 2002 for England and Wales. Tenants of flats who meet the eligibility rules are able to transfer the landlord's management rights to such a company which must be designated as ‘RTM Company Limited.’
Collins Dictionary of Law © W.J. Stewart, 2006
References in periodicals archive ?
Katrina Thom, one of the directors with The Turnbull RTM Company Ltd, the right to manage company for the building run by a group of residents, said: "There have been a couple of issues in the past which are now in hand.
If it goes off a director to the right to manage company, who is fully trained, and who lives in the building, will turn it off."
Katrina Thom, one of the directors with The Turnbull RTM Company Ltd, the right to manage company for the building ran by a group of residents, said: "There have been a couple of issues in the past which are now in hand.
From there, it is a matter of setting up a Right To Manage company. I would always advise at this stage that people considering RTM look for a specialist regulated company who can manage the whole process for them.
The right is exercised serving formal notice upon the freeholder and managing agent and then, after a set period of time the management transfers to the flat owners Right to Manage Company. There are two basic criteria as to whether a Right To Manage may be exercised, firstly whether the building itself qualifies; secondly, whether the flat owners will qualify.
If your landlord is resistant to a separate right to manage company for your block, then it depends on circumstances surrounding your water supply, as well as other factors.
The management is then transferred to a special company set up by the leaseholders - the right to manage company (RMT).
"It makes sense that leaseholders want to take control of their most valuable assets and by establishing a right to manage company it gives them more control over their own destiny."