Funding Right to Manage
Funding Support for Right to Manage Applications
One of the biggest barriers to pursuing Right to Manage is the upfront cost of setting up the RTM company, serving notices and progressing the legal process.
For suitable buildings, Temphis may be able to fund the upfront costs associated with establishing the Right to Manage structure and recovering control of the management of the building, subject to assessment and appointment terms.
This allows qualifying leaseholders to pursue a change in management without needing to fund the initial process themselves.
Where support is provided, costs are typically recovered over time through the ongoing management appointment, allowing the transition to be managed in a practical and commercially sustainable way.
The terms, in plain language
Where funding is agreed, it covers the upfront cost of incorporating the RTM company, serving the statutory claim notice, and the legal work needed to complete the acquisition of the right to manage.
In return, the RTM company appoints Temphis as managing agent for a minimum term of three years from the date management transfers. If the RTM company ends the appointment before that term expires, the funded costs become repayable.
Funding is subject to assessment and due diligence, and not every building will qualify. We will tell you before any costs are incurred.
None of this affects the statutory position. The right to manage belongs to the qualifying leaseholders, not to us, and the RTM company should take independent legal advice on the funding agreement before signing it.
If your building is being poorly managed and you believe Right to Manage may be the right solution, speak to our team to discuss whether your building may qualify.
Can Temphis fund the cost of setting up a Right to Manage company?
For suitable buildings, yes. Temphis may be able to fund the upfront costs associated with establishing the RTM structure and progressing the process, subject to assessment, due diligence and appointment terms. Costs are typically recovered over time through the management arrangement.
Considering Right to Manage But Concerned About Cost?
Many leaseholders recognise that their building would benefit from changing managing agents, but the cost of setting up an RTM company can be a barrier.
Temphis may be able to remove that barrier by funding the upfront process for suitable buildings, allowing leaseholders to focus on improving the management of their property rather than the initial cost.
Contact us to discuss your building and whether funding support may be available.
