Qualification for RTM
Qualification Requirements for RTM
- The building must be self-contained (or if part of another building, be capable of being redeveloped independently); and must include at least two flats;
- At least two-thirds of the flats in the building must be let to 'qualifying tenants'*;
- The building can be part-commercial but the non-residential part must not exceed 25% of the total floor area.
- A 'qualifying tenant' is a leaseholder whose lease was originally granted for an original term of more than 21 years.
- There is no requirement for any past or present residence in the flats, nor any limit on the number of flats which can be owned by one person.
- The right to manage may only be exercised by a right to manage company and the members of the RTM company must comprise a sufficient number of qualifying tenants.
- The required minimum number of qualifying tenants must be equal to at least half the total number of flats in the building although where there are only 2 flats in a building both must participate & be members of the RTM Company