What is a Resident Management Company?
29 October 2023 | Written by Beverley Kloos
A Resident Management Company (RMC) is a private limited company that helps to maintain and protect the value of a development.
It is usually created when a developer builds a development and wishes to hand over management control to the property owners. Older developments are likely to have a long-running resident management company in place.
The RMC is made up of property owners who are shareholders or members of the company. Resident Directors (also known as RMC Directors) are appointed to make decisions on behalf of all owners on how best to look after the development.
The company is not-for-profit, although it must fulfil several annual obligations to function, including filing company accounts and recording persons with significant control at Companies House.
The RMC is also responsible for upholding the terms of each lease or transfer, which includes making sure the building is properly maintained and always insured, and that the annual budget is well managed.
If you are interested in setting up an RMC, or becoming an RMC Director, our experts are here to help. Please visit the RMC Director Training page for more information.
Share
The Average Ground Rent in the UK
Explore typical ground rent costs for UK leasehold properties. Find out about average fees, recent reforms, and their impact on leaseholders.
Read more
Innovus Featured in Karren Brady’s Jobs and Careers Magazine
We’re thrilled to share that Innovus is featured in the Summer 2024 edition of Karren Brady’s Jobs and Careers magazine. Our double-page spread explores what it’s like to work at Innovus, highlighting our dedication to staff well-being and career development. The article showcases our commitment to nurturing a supportive work environment and providing clear pathwaysContinue reading "Innovus Featured in Karren Brady’s Jobs and Careers Magazine"
Read more
Understanding Management Packs: Essential Information for Property Transactions
Discover what a management pack contains and why it's crucial for UK property sales. Key info for buyers and sellers.
Read more
Deeds of Variation on Freehold Properties
Learn about Deeds of Variation for freehold properties, their uses and implications how they can affect inheritance tax, and more.
Read more