Taking Control

Taking Back Control

There are a substantial number of people who own and live in apartment blocks, and as such become leaseholders, who are bound by the terms of the lease they signed when they purchased their new home or investment.
Whilst in many cases there will already be a management structure in place to look after the communal area of the building where you own your leasehold property.
Leaseholders’ can however collectively effect a change in the management of the building if for any reason they wish to move away from the current management structure.
This can be affected in many ways.
Most leaseholders do not realise that under the provisions of the Commonhold and Leasehold Reform Act 2002 they have the power to take back control of their building by coming together to form a Right to Manage Company.
This gives them the collective power to be able to choose who manages and provides the necessary services into their building.
You do not need your landlord’s permission, or need to provide any evidence of mismanagement, or in fact obtain any court orders to exercise your rights.
In order to set up a Right To Manage Company (RTM) the correct and legal process needs to be followed, and not all properties will qualify.
There will also be financial and legal obligations and restrictions.
This is where Residence can help you take back control.
Whether it is guiding you through the legal process of setting up your RTM or assisting you in getting all the services in place, we are to help at every stage of the process and in to the future.

Purchasing Your Freehold

This process is also known as collective enfranchisement. It is where a group of Leaseholders come together to purchase their building’s Freehold. Whilst it is not essential that you own the freehold to the building where you live, it does give Leaseholders ultimate control of their property.
This is a complicated legal process, especially if you are unable to locate the Freeholder of the building or if the Freehold was owned by a limited company and the company has been struck of the Companies House register.
It can take considerable time and money to complete a sale.
At Residence we can assist you at every stage of the process, both on a practical level, but also to provide assistance with our legal and accounts team.
Get in touch with us at Residence to see how we can help you take back control.

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