Park Building RTM Company
What is an RTM Company
An RTM company (short for Right to Manage company) is a legal company set up by leaseholders in a block of flats so they can take over the management of their building from the landlord or freeholder.
It comes from a right introduced under the Commonhold and Leasehold Reform Act 2002.
In simple terms, it means the people who live in the building get control over how it’s run—without having to buy the freehold.
Why people setup an RTM
Residents go down the RTM route when they:
Aren’t happy with how the building is being managed
Want more control over costs and service charges
Feel they can run things better themselves (or appoint their own managing agent)
What an RTM does
Once an RTM company takes over, the leaseholders (through RTM the company) are responsible for things like:
Appoint a Managing Agent to perform the day to day running of the building
Maintenance and repairs of the building
Cleaning and upkeep of shared areas
Insurance of the building
Managing service charges
What an RTM does not do
It doesn’t transfer ownership of the building (the freeholder still owns it)
It doesn’t change the terms of individual leases
How it works in practice
Leaseholders form a limited company, and if they meet the legal criteria, they can take over management without needing the freeholder’s consent - although there is a formal legal process to follow.
The Park Buildings RTM Company
Park buildings established an RTM company in 2014
The Park RTM board appointed Rendall and Rittner in 2015
The Park RTM board currently has just 4 directors:
3 from Park Central
1 from Park East
Please get in touch if you are interested in understanding what directors do and how to become a director.