3/20/2023 0 Comments Rtm newsflow![]() It combines freehold ownership of a single property (a unit) in a larger development, with membership of a limited company that owns and manages the common parts of the development.įor example, a block of flats where each flat is a unit - and all other parts (such as the hallway) are commonhold. Commonhold associationsĬommonhold is a form of freehold land ownership, which is an alternative to long leasehold ownership of flats and other interdependent properties. You can also register your company by post - but it’s taking much longer than usual to process postal applications. have a name ending ‘RTM Company Limited’ (or the Welsh equivalent).additional information if using a sensitive word or expression.It costs £12 and there are built-in checks to help you avoid errors. How to register (incorporate) a flat management or RTM company RTM companies do not exist in Scotland, or Northern Ireland. This type of company is called a commonhold association. This gives them the ‘right to manage’ the building they live in.Ī limited company can also be set up to own and manage the common parts of a development, made up of separate units under ‘commonhold’. Leaseholders can also set up an RTM limited company. It also means the company remains a separate legal entity, regardless of who holds its shares. ![]() This makes sure that the limited company represents the interests of all the current flat owners. It’s common practice to have this condition in the company’s articles of association. If the members own shares in the company, they usually transfer their shares to the new owners when they sell their flat. This means the flat owners have their say in running the building. But they can also be a member of a management company that owns the freehold (or lease) of the entire building.Įach flat owner is a member of the company. A flat management company is set up to manage a property divided into a number of separate flats.Įach flat owner usually has a lease of their own flat.
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