RTM Explained
What is RTM?
Right-to-Manage (RTM) is the legal right that allows qualifying leaseholders to take over the management of their building from the landlord or freeholder.
An RTM company:
- Appoints and oversees the managing agent
- Sets budgets and service levels
- Does not carry out day-to-day management
How Do We Get RTM?
The first step is setting up a leaseholder-owned company limited by guarantee. For Mann Island, this company is 11 & 15 Mann Island.
To formally claim RTM, the company must submit a Notice of Claim. This requires at least 50% of qualifying leaseholders to be members. (Simplifying, a qualifying leaseholder is someone who owns a long lease on a flat on Mann Island).
Membership does not:
- Change your lease
- Change ownership
- Affect ground rent
It simply changes who chooses the management company and enables better management.
How Do I Join the RTM Company?
You join by filling out a 1 page form You can fill it out here, or request a printable copy via mannislandrmc@gmail.com
Your membership:
- Helps reach the legal 50% threshold
- Enables the RTM claim to proceed
