Innovus Launches Comprehensive RTM Formation Support Service

• Innovus, the market leading provider of services and solutions to the property sector, is pleased to announce the launch of its Right to Manage Service. This new offering provides comprehensive, independent support and guidance for the formation of Right to Manage (RTM) Companies. Our service includes RTM eligibility assessment, training, and ongoing governance and secretarial support.

The 2002 Commonhold & Leasehold Reform Act empowered leaseholders of a building containing flats, the right to take over management of the building from the freeholder through a RTM Company. Over the past two decades this initiative has gained popularity, providing leaseholders with direct control over their homes and estates. However, many leaseholders seeking to form a RTM Company often find that expert advice can significantly simplify the process.

Forming a RTM Company is a structured legal and administrative process that requires strict adherence to regulatory compliance standards. Leaseholders who form a RTM Company must appoint Directors, and operate in accordance with UK company law and the Company’s Articles of Association. This includes lodging statutory accounts and other regulatory information with Companies House; budgets must be set and carefully managed; service charges must be levied and controlled. In addition, it is the RTM Company’s responsibility to arrange insurance, deal with contractors, ensure maintenance, upkeep and health & safety.

Innovus understands that most RTM Company Directors are everyday residents who often juggle full-time jobs and have limited time to manage everything on their own. That’s why Innovus offers a comprehensive, proactive support service for leaseholders throughout the process of establishing a RTM Company. We take care of the essential steps, including:

• RTM Eligibility Assessment
• Company Formation
• Serving Initial Notices
• Handling Landlord Challenges

Innovus can also provide support services to the RTM once it is formed, such as:

• Transition Support & Managing Agent Selection Guidance
• Long-Term Company Director Support
• RTM/RMC Director Training
• Company Secretarial Services
• Buildings and Director & Officer’s Insurance

Innovus is dedicated to assisting leaseholders establish and manage their RTM Company, whether they choose to work with a property management firm of their choice or handle it by themselves. Our primary goal is to equip directors with the necessary tools and confidence to manage their responsibilities effectively.

Fran Giles, Director of Business Services, said:

“Taking back control of the management of their block can be a very attractive option for leaseholders, and residents’ associations, as it brings property management back into the hands of the people who actually live there. On the downside, it can be a time-consuming task.

Innovus has the solution. We guide and support leaseholders through what can be a complex transition, actively handling key steps of the process so that our clients can rest assured that they are meeting all governance and compliance standards.

We’re already seeing huge demand for our service offering, and we feel confident that it will help simplify RTM formation and offer support, whilst also affording leaseholders peace of mind and the time to enjoy their properties.”