As a director or resident of a management company with ownership of the freehold you have a stake in the management of your property. Howsoever you came to acquire this valuable type of ownership you now have both the freedom but also the responsibility of managing your building. In accordance with the Companies Act 2006 you or your predecessors will have formed a company and appointed Directors willing to be responsible.
The good news is that you are not alone, your neighbours share some of the responsibilities with you, but it can still be daunting to get everyone to agree on the way the building is managed. Looking after the building includes among many things health and safety, building insurance, risk assessments, employment law, financial accountability and knowing your lease.
Compromises will have to be made and if you have a good managing agent, they should help you with this process.
Of course you can choose to manage the building yourself by delegating out different areas of responsibility between you, but in our experience, most directors of RMCs appoint a managing agent. This ensures firstly an impartial ear should things get fractious, but also professional advice and help ensure all aspects of the building’s maintenance, the legal needs and ramifications, and the production of accounting and accounts reports, work together as they should to keep a smooth running development.
If you are not an RMC but are interested in finding out more about this form of leasehold ownership we recommend you click on the links below for a visit to the relevant websites.
If you would like to have a meeting to discuss things further contact us to arrange a date and time.
Finally, it is important to stress here, that 2 Rivers does not have a financial, corporate or personal relationship with our colleagues. Their fees and charges are calculated separately without kickbacks or commissions of any kind.
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