Do you want the opportunity to control how your property is managed and reduce your costs?
Right to Manage gives leaseholders the opportunity to take over the management of their property and reduce their outgoings.
Freeholders and managing agents are often charging substantial sums on various outgoings and especially insurance. Leaseholders who manage their own building can make substantial savings from freeholders and managing agents as these people often receive commissions.
Right to Manage as your legal right!
Parliament passed legislation to help owners like yourself to have the Right to Manage your property without having to prove fault by your landlord or management company and to pay any compensation.
Why claim your Right to Manage?
If you live in a block of flats and do not have any say in who runs the block then you can benefit from the Right to Manage process. The right is available to flat owners, in all blocks, where they fulfil the following criteria:-
- At least 50% of the flat owners within a physical block of flats must want to go through the process.
- At least two-thirds of the flat owners within the physical block must have long leases (more than 21 years)
- No more than 25% of the property may be used for non-residential use i.e. commercial
If your block fulfils this criteria then it is highly likely that you will be able to go through the Right to Manage process. There are certain legalities that you need to go through and please see our article on this.
There is no need to prove mismanagement by the landlord or current managing agent to implement the right. It just means that you will be taking over the management functions and dealing with items such as:-
- Repairs, redecoration and maintenance of the structure of the building and common parts.
- Services such as lighting, cleaning and gardening.
- Collection of service charge and accounting
- Complying with statutory requirements relating to the management
- The day to day running and management of the block
- Insuring your building
Examples of insurance cost savings for RTM companies:
Freeholders Insurance/ Managing Agents – Premium £5,814 Comprising of 9 Leasehold Flats
iInsure365 – Premium £3,106 – no compromising on the level of cover Massive saving for the client – £2,707
Discovered that sum insured was incorrect, potentially risking any claim being paid out at a substantially reduce amount Average pay out would have been applied.
There was a risk of the claim not being paid at all.
The sum insured was reviewed with our low cost service which resulted in an increase from £850,000 to £1,200,000
iInsure365 – Premium £1,665.19
Grade 2 listed building
Landlord has major block policy on various sites Comprising of 69 Flats
Directors and Officers now included and Terrorism added for client Landlord Premium £21,646
Our premium – matched but included Directors and Officers cover
How can we help?
We have been working lessees to reduce their outgoings for insurance. We contributed towards the Law Commissions reports on the Right to Manage process.
Contact us to get a quote to see if we can reduce your insurance costs. Send us your details and we will get back to you to discuss your options..
Copyright © 2019 iInsure 365. All rights reserved.