A Right To Manage Company Can Benefit The Future Of Your Flat - By: Tim Bishop

Every property needs some care and attention at regular intervals if it is to remain looking its best. This is relatively easy when you own a house, because you are the sole owner and therefore you can make the decisions on what needs to be done and when.

But things become a little more complicated when you own a flat which is in part of a larger block. In this case, even though you may own your individual flat, the block as a whole will probably be managed by the landlord. They may have brought in a management company to handle the maintenance as and when they see fit as well.

The idea is that the maintenance company takes on all the necessary maintenance and improvements that need doing. They pay for this out of the maintenance payments provided by the tenants on a regular basis.

It works well when you have a responsible landlord and maintenance company. But if this is not the case and your flats are looking a little the worse for wear, taking the decision to exercise your right to manage leasehold property could be the long term solution you need.

This type of agreement means you will set up a company known as a right to manage company. This in turn will give the tenants the right to manage the block on their own, as a proper company that will be registered with Companies House. The process may seem like a long one to go through at first, partly because it will take a minimum of about four months to go through. But once it has been completed it frees up the tenants to take control over their building and the various maintenance tasks that might be required.

This is good news for many flat owners, because proper care and attention to the outside of a block of flats can vastly improve the value of each flat in the block. If prospective buyers arrive to view a property and they notice that the maintenance is not good, they are far less likely to buy the property. But if a right to manage company has worked hard to ensure all the flat owners will benefit from good external maintenance, there are multiple benefits. Not only is there a good chance the selling price will be higher, the flats will also be easier to sell.

You can see then that exercising your right to manage leasehold property and setting up a right to manage company can be beneficial in both the long and the short term. In fact it could be extremely cost effective for everyone.

About the Author

Bonallack and Bishop are specialist right to manage company Solicitors with significant expertise in advising on the right to manage leasehold property.

Article Directory Source: http://www.articlerich.com/profile/Tim-Bishop/62652

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