Since the Commonhold and Leasehold Reform Act 2002 there has been the right for qualifying tenants of long leases to manage their own building. The Landlord’s consent is not required and even where Landlords may be absent the Leaseholders should be able to secure the management via Right to Manage, taking over control of matters such as repairs, maintenance and insurance premiums.
Who are qualifying tenants? Tenants with long leases (more than 21 years).
THE PROPERTY AND TENANTS MUST MEET CERTAIN REQUIREMENTS:
• At least 2 / 3 flats must be let to qualifying tenants
• The non-residential part of the building must not exceed 25% of the total floor area
• Tenants will need to create a Right to Manage company
• At least half of the qualifying tenants must be members of the Right to Manage company
OUR TEAM OF PROPERTY EXPERTS HAVE A WEALTH OF EXPERIENCE ADVISING LANDLORDS AND TENANTS ALIKE ON THE PROCESS OF RIGHT TO MANAGE, INCLUDING:
• Identifying whether your block qualifies
• The creation of a Right to Manage company
• Serving appropriate Notices on Landlords
• Advising Landlords or tenants as to whether all the statutory requirements have been met
• The role of the Leasehold Valuation Tribunal
• The obligations owed by a Right to Manage company to the Landlord
• The role of the Landlord and the Right to Manage Company after acquisition
If you have any questions or require advice please do not hesitate to contact a member of our team.