Bit confused on the point 3... If the resident owned management is seemingly so bad why everyone tries to push for commonhold and RTM? Isn't the main issue that the "professional" management companies are usually a rip-off?
Hey. Thanks for asking! The problem with resident owned management companies (in my opinion and experience) is that the law surrounding leasehold management in the UK is so complex. Trying to arrange Section 20 works when, in a lot of cases, residents don't want to pay can be a nightmare. A lot of times resident owned companies therefore let some maintenance things slide which really shouldn't, leading to far more expensive works in the future. The current system is far from perfect too, but at least if its professionally managed by a block management company they are a third party impartial company that is paid to ensure things are carried out within statutory timeframes. It also adds another layer of distance between residents who may not always "agree" on certain things.
Bit confused on the point 3... If the resident owned management is seemingly so bad why everyone tries to push for commonhold and RTM? Isn't the main issue that the "professional" management companies are usually a rip-off?
Hey. Thanks for asking! The problem with resident owned management companies (in my opinion and experience) is that the law surrounding leasehold management in the UK is so complex. Trying to arrange Section 20 works when, in a lot of cases, residents don't want to pay can be a nightmare. A lot of times resident owned companies therefore let some maintenance things slide which really shouldn't, leading to far more expensive works in the future. The current system is far from perfect too, but at least if its professionally managed by a block management company they are a third party impartial company that is paid to ensure things are carried out within statutory timeframes. It also adds another layer of distance between residents who may not always "agree" on certain things.