RTM Company Handover
A step-by-step guide for RTM directors in Greater London and Essex. Notice periods, the handover process, service charge fund transfer, compliance and resident communication - all run by a managing agent who actually answers to the RTM board.
Right to Manage was created so that leaseholders could take control of their building. When the day-to-day agent is unresponsive, opaque or inflates costs, the very benefit of RTM is undermined. Directors typically come to East Valley because they want a managing agent who actually answers to the RTM board, not one who treats the building as a small entry in a large portfolio.
Common triggers include unanswered emails, surprise charges, late year-end accounts, poorly managed contractors and the discovery that the existing agent is taking insurance or contractor commissions that have never been disclosed to leaseholders.
Step 1 - Review. We review the existing management agreement, identify the notice period and confirm any contractual obligations.
Step 2 - Board resolution. The RTM board passes a resolution to terminate the existing appointment and appoint East Valley.
Step 3 - Notice served. Formal notice is served on the outgoing agent in line with the contract.
Step 4 - Document and fund collection. We engage with the outgoing agent to obtain financial records, compliance documentation and contractor information, and to transfer client money.
Step 5 - Take-over. Day-one management begins on the agreed date with a named property manager, live repairs portal and clear communication to all leaseholders.
Service charge records must be transferred in full: the latest reconciled service charge accounts, current year budget, aged debt and arrears analysis, copies of all demands and statements, bank statements for at least the previous twelve months, reserve and sinking fund balances and details of any commitments not yet invoiced. East Valley audits everything received and reports any gaps directly to the RTM board.
Existing contractor arrangements are reviewed against the open market. We novate or re-engage trusted local contractors on transparent terms, with no commissions or markups. Where a contractor has been performing poorly we recommend alternatives and brief the board with comparable quotes. RTM directors always make the final decision.
A clear written communication goes to every leaseholder before take-over: who we are, how to contact us, how to report repairs, how service charges will be demanded and what is changing. The RTM board reviews the letter before it is issued, so residents hear a single consistent message.
We specialise in supporting RTM directors. That means independent management with no commissions on insurance, contractors or utilities, transparent accounting, a 24-hour weekday response target and a named property manager who attends RTM board meetings on request.
Cross-references: RTM Company Management, RTM Company Management East London, Changing Managing Agent, Free Block Review.
Case studies
Real examples of RTM handovers and the outcomes that followed.
An RTM company in East London moved to East Valley after years of poor service. We managed the handover, recovered arrears, re-let a vacant commercial unit and rebuilt the service charge budget on a fully transparent basis.
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A 60-flat development was losing thousands to unbilled communal heating and unregistered accounts. We rebuilt the rebilling system, introduced flexible payment options and brought arrears under control.
Read MoreBook a free, confidential review of your current arrangements. We will read your existing management agreement, set out the notice period and produce a clear handover timeline for your RTM board.