The Right to Manage
Where a qualifying tenant authorises Walton & Allen to include his/her name on the ‘Form of Notice of Invitation to Participate’ then the contract between Walton & Allen and the RTM Co. commences, albeit signed on the date of incorporation of the RTM Co.
Walton & Allen will operate on a strictly ‘no win, no fee’ basis. A ‘win’ is deemed to be the successful acquisition of the ‘right to manage’ the development and is effective from the acquisition date when fees shall become due.
The service provided is to fund and manage the entire ‘right to manage’ process and includes but is not limited to:
- Investigative work of company set up status
- Attending meetings with tenants and/or residents association
- Set up of this company using independent accountants
- Acquiring and reading of the lease
- Downloading freehold title from land registry
- Downloading each leasehold title from the land registry
- Preparing ‘Invitation to Participate’ notice and mail merge
- Locating owners by means such as Land Registry, internet, lender, referral etc. and seeking return of ‘Application for Membership’
- Resend invitations to correct addresses where land registry is out of date or incorrect
- Preparing and issuing ‘Certificates of Membership’ to members as specified in the Companies Act 2006
- Keeping accurate ‘Register of Members’ list for inspection at any time, as specified in the Companies Act 2006
- Preparing ‘Claim Notice’
- Preparing mail merge of claim notice to all owners and those with an interest in the freehold
- Resending ‘Invitations to Participate’ a second time if claim is denied
- Preparing an ‘Application to Appeal’ if appropriate
- Dealing with the Leasehold Valuation Tribunal if appeal made, site inspection, negotiation etc.
- Preparation of evidence for appeal documents
- Prepare all information for inspection by freeholder’s legal team, as is its right, to demonstrate that prescribed matters have been strictly adhered to
- Attend Tribunal hearings, preparation and presentation of evidence
- Preparing and issuing ‘Information Notice’ to outgoing managing agent
- Dealing with coordination of handover, gathering of contractors information
- Negotiating new contracts with new or existing contractors
- Collation of finances, set up client bank accounts, input of all information onto software
- Study and understand previous budgets and actual expenditure
- Liaise with freeholder to ensure RTM Co’s new responsibilities are adhered to
- Collate historic arrears information, instruct freeholders panel debt collection solicitors and monitor
- Update legislation relating to RTM’s & Landlord and Tenant Acts
- Seeking and instructing lawyers for advice relating to any of the above
- Obtaining Director & Officers Liability insurance for RTM directors
- Negotiate various lease requirements/obligations with the freeholder
- Attend further meeting with residents association to agree works/issues, priorities, finances and the way forward
- Take over long running issues with developer/contractors e.g. NHBC ‘claims’
- The above process is carried out by Walton & Allen in its entirety and no expenditure or effort is required on the tenants behalf, unless they wish to assist
Right to Manage Fees – Fixed
1-75 units – £200 per unit, plus VAT
76 – 199 units – £175 per unit, plus VAT
200 – 299 units – £150 per unit, plus VAT
300 units plus – £125 per unit, plus VAT
The fee applies to each residential unit in the entire development, irrespective of whether a unit owner is a member of the RTM Co. or not
Right to Manage Disbursements
Reasonable expenditure incurred in carrying out the successful acquisition of the ‘right to manage’ will be recharged, at cost. Items may include, but not limited to, printing, postage, stationery, land registry fees and the like.
Walton & Allen propose to be installed as managing agents from the ‘Acquisition Date’ specified in the ‘Claim Notice’ or other correspondence as agreed with the freeholder. If it is the wish of the members to instruct an alternative managing agent then this will be honoured.
Collection of Fees
Fees are collectable where funds allow and Walton & Allen wish to remain as managing agents until at least the time when all fees are paid in full.