If you are a leaseholder in a managed property, then you and your fellow tenants could benefit from acquiring the rights to manage.
There are several reasons that leaseholders decide to start the process of right to manage company formation; this article takes you through them to give you a better idea as to whether it is something you might want to consider.
To benefit from better management:
One of the main reasons a lot of leaseholders want to acquire the rights to manage is so that they can benefit from better management of their building. Often, this is because they feel their current landlord is not doing the job to a sufficient standard or because they have an absent landlord and so the building is suffering from neglect. Other times, the tenants simply feel that they could do a better job than the landlord and so take over the responsibilities for day to day management of the building.
Once the process of right to manage company formation has been completed and the process of obtaining control from the current landlord has been undertaken, responsibility for the building passes to the company. The company can then hire services to ensure a high standard is met in terms of maintenance and repair of the building.
To have more control:
Another reason for starting the process of getting the rights to manage is so that the leaseholders have more control over their premises. A lot of tenants think that this is important because, collectively, they own most of the assets of the building and so would like a great say in how it is run. This is done through the company formed by the rights to manage process: a board will be appointed to control the company and other tenants - and the current landlord - can be invited to be members of the company so that everyone can have their say.
To save money:
Finally, a lot of leaseholders decide to take the route of right to manage company formation in order to save money. This is because it is often possible to get a better deal on repair and maintenance services by shopping around and looking for alternative solutions to those employed by the current landlord. It also allows the leaseholders to see exactly where their money is going so they can hold the board accountable and make sure that everything is carried out exactly as it should be.
If you are considering the right to manage your own block and you want more information, contact Bonallack & Bishop experts in right to manage company formation. Senior Partner Tim Bishop is responsible for all major strategic decisions.
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