Director of a small (3 flat) RTM trying to sell a London 1 bed for 2 years?
9:52 AM, 2nd September 2021, 5 years 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
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Member Since October 2013 - Comments: 97
10:07 AM, 4th September 2021, About 5 years ago
Reply to the comment left by Sally Mills at 04/09/2021 – 10:02
Hi Sally,
Once a RTM is setup, other than Ground Rent, the leaseholders have full control of all other charges such as Service Charges, Section 20s, etc.
With a RTM, you can still choose to appoint a managing agent (or do it yourself).
Have you had a different experience?
Member Since April 2021 - Comments: 9
10:20 AM, 4th September 2021, About 5 years ago
Reply to the comment left by Mervin SX at 04/09/2021 – 10:07
I agree, an RTM gives leaseholders enhanced options on the management of the building. Unfortunately it does not allow any changes to the lease detail without permission from the freeholder, in this instance more information is needed, how long left on the lease? GR terms? It seems strange that a small flat in London is not selling therefore this is worth exploring.
Member Since September 2021 - Comments: 5
2:19 PM, 7th September 2021, About 5 years ago
Thank you, Yes I have had to rent it out again on a short term with a clause for allowing viewings.
With all the extra costs that now entails EICR
Report and essential repairs. I am waiting for some advice from a member on here, but it seems to have gone quiet for now. I may look into trying to get a management company onboard, if I can find one that deals with such a small development.
Member Since September 2021 - Comments: 5
2:31 PM, 7th September 2021, About 5 years ago
Reply to the comment left by Mervin SX at 04/09/2021 – 09:57
Hi Mervyn,
Thank you for your reply to my question. I’m new to this web site, so not yet terribly familiar with it. I would like to PM you to get names of possible management agents that deal with smaller developments. But I can’t find your Private message address.
Thanks
Carole
Member Since October 2013 - Comments: 97
2:33 PM, 7th September 2021, About 5 years ago
Reply to the comment left by tedsmum at 07/09/2021 – 14:31
Hi Carole,
I am not sure if this is allowed, but please drop me an email to [email protected]
Regards,
Mervin