Understanding a Resident’s Management Company
9th Nov 2020
Leasehold property management can be complicated to get your head around, especially if you have recently bought your first leasehold property. So, we’ve put together a clear guide to help you understand exactly what a Resident’s Management Company (RMC) is.
An RMC is formed of residents who supervise the upkeep and running of their block. RMC members are leaseholders who own properties within the block. They might not all live in the block (some may rent out their flat), but all need to have bought their property to take part in the RMC. The RMC will have a board of directors which RMC members have the option to join.
A RMC is usually set up by the original developer however there are ways of setting up your own management company called a Right To Manage Company.
The company will have a team of ‘officers’ elected from the directors. These include:
Your RMC will be set up as a standard Limited company which means it has certain annual obligations such as holding an Annual General Meeting, filing of company accounts and completing company secretarial duties. It will be registered at Companies House, which is a government scheme who register company information and make it available to the public.
What does a managing agent do for a residents management company?
A RMC usually appoint a managing agent to manage their block. Blocsphere work with Residents’ Management Companies across the UK, helping them to deliver a consistent, high quality service for their leaseholders and ensuring they meet all of their management and legal obligations to the highest possible standards.
We understand that RMCs are looking for peace of mind and value for money from their managing agent. Working in partnership with RMCs, Blocsphere will:
- Conduct regular site visits and inspections
- Ensure health and safety and fire risk assessment compliance
- Issue service charge budgets and accounts and collect and process service charge payments
- Manage repairs, maintenance and major works
- Provide out of hours emergency support
- Recruit and manage on-site staff
- Provide financial, maintenance and management information via our online portal
- Complete and file annual accounts and other statutory information with Companies House
- Attend AGMs and regular meetings with leaseholders
If you have any questions about your Residents Management Company, please email email@example.com or if you are a RMC considering changing managing agent, please email firstname.lastname@example.org.