Director of a small (3 flat) RTM trying to sell a London 1 bed for 2 years?

Director of a small (3 flat) RTM trying to sell a London 1 bed for 2 years?

9:52 AM, 2nd September 2021, About 2 months ago 15

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I’m a Director of a small Right to Manage (RTM)  3 flat building and have been trying to sell my one-bed flat in London SW16 for 2 years.

I cannot seem to get interest from anyone who wants to take on the RTM and my Co-Director is not in the least bit interested, as I have done all the work since day 1 (2005).

I am 73 and want to sell up and retire.

How can I make this more attractive for a potential purchaser and finally move this property on?

Thank you in advance for any assistance.

Carole



Comments

by Kim Karpeta

11:24 AM, 2nd September 2021, About 2 months ago

Hi Carole,
I'm sorry to hear you are having trouble selling. Unless the management of the building is completely dire and the service charge way in excess of what buyers would expect there may be other reasons that the property is not selling. Have your agents advised that this is the reason they are unable to get a buyer? Without the support of one the other two properties owners you are unlikely to be able take over the RTM. I think it may be time to consult another agent.

by BernieWales

11:44 AM, 2nd September 2021, About 2 months ago

As you're wanting to ... and going to ... leave the property, the future management should not be of concern to you. Therefore, dissolve the RTMCo and hand back the management to the freeholder.

Happy to assist if you message me privately.

by tedsmum

15:24 PM, 2nd September 2021, About 2 months ago

Reply to the comment left by BernieWales at 02/09/2021 - 11:44
Hi Bernie,

Thank you, I have been considering that seriously, But as I have been the main administrator, If I abandon it like that, would there be any comebacks for me, It just seems too easy to do. I have always administered the Management according to the lease as I understand it. I would like to email you on this later.

regards
Carole

by David Judd

15:28 PM, 2nd September 2021, About 2 months ago

Its a shame when you have such a small building to manage and end up doing all the work yourselves. Most managing agents would also not be interested as there isn't enough money in it for them or they would have a minimal price to manage which would put the overall costs up. Who is the Freeholder? As above dissolve the RTM and give it back to the freeholder.

by tedsmum

15:45 PM, 2nd September 2021, About 2 months ago

Thank you it seems the only way to go.
The Freeholder is a Company called Galient.
But never ever dealt with them. The Agents are a nightmare to deal with, and want you to pay to even contact them.

by tedsmum

15:46 PM, 2nd September 2021, About 2 months ago

Reply to the comment left by BernieWales at 02/09/2021 - 11:44
Hi Bernie,

I can't find you PM address. Is it on here?

Carole

by BernieWales

15:47 PM, 2nd September 2021, About 2 months ago

Reply to the comment left by tedsmum at 02/09/2021 - 15:24
As with all things leasehold - the devil is in the detail. I've not seen the detail, but if you've been a good manager there should be no comebacks.

Email me and I can check.

by BernieWales

15:49 PM, 2nd September 2021, About 2 months ago

Reply to the comment left by tedsmum at 02/09/2021 - 15:46
BernieWales .co .uk

by Mervin SX

9:57 AM, 4th September 2021, About 2 months ago

Hi Carole,

Why don't you try and appoint a managing agent for the RTM company and since there is a co-director to the RTM, you can just resign from your directorship and move on?

This should allow you to sell the apartment with a bit more credibility of having an agent on-board. If you PM me, I can put you in touch with block managers who do work with small developments at very competitive rates.

Regards,
Mervin

by Sally Mills

10:02 AM, 4th September 2021, About 2 months ago

Unfortunately forming an RTM although it can be helpful for leaseholders it still leaves their hands tied when it comes to GR, service charges, cyclical charges and section20s.
The best suggestion is to enfranchise which will empower the leaseholders to choose whom to manage the block, some small blocks are easy to manage in-house.

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