Quiz - how well do you understand your lease?
Understand the key things you should know about your lease. If you are a purchaser, this can help make sure your solicitor has covered all of these points and explained them clearly to you.
The building must meet certain conditions and a minimum number of leaseholders are required to take part.
- the building must be self-contained (or if part of another building, be capable of being redeveloped independently);
- it must include at least two flats;
- at least two-thirds of the flats must be let to ‘qualifying tenants’;
- it can be part-commercial but the non-residential part must not exceed 25% of the total floor area.
It will not be possible to exercise RTM if the landlord is a housing authority (such as most local authorities) nor where the resident landlord exemption applies.
If the building qualifies, at the time the Claim Notice is served membership of the RTM company should comprise the qualifying tenants of at least half of the flats in the building.
You are likely to require the services of a solicitor and a managing agent.
More information you might find useful:
- Can the leaseholders exercise the right to manage (RTM) if the landlord lives in the building?
- Am I a qualifying tenant for the purpose of right to manage (RTM)?
- The Right to Manage
- More Frequently Asked Questions on Right to Manage
Still not found the answer?
Contact LEASE to have your enquiry dealt with by one of our experienced advisers