How to Change Your Block Management Company: A Leaseholder’s Guide
For leaseholders living in a block of flats, the management of their building can make the difference between being a happy resident or a miserable one. It is, therefore, crucial that all residents, as well as the block owner (known as the freeholder), are satisfied with the upkeep of their property.
Inefficient or incompetent block management can cause personal stress for residents, strained relationships between neighbours, inflated service charges for leaseholders, and even legal action if poor management devalues individual property values. So, what if your managing agent isn’t living up to expectations? How can you change your block management company if things don’t go to plan?
In this article, we’ll walk you through the process, prepare you for any complications that may arise, and explain how London Online Management can help.
Know Where You Stand
If you are a landlord, employing an ineffective block management company could result in your residents taking action to assume the Right to Manage your block. To avoid this, you should ensure your chosen block manager is capable of providing a satisfactory service to both you and your residents.
If, on the other hand, you are a resident dissatisfied with how your block is being managed, you have the right to work with other leaseholders to take over management from the freeholder by forming a Resident Management Company (RMC). This allows you to handle the maintenance and legal obligations of your block directly, or to appoint a new block management company to oversee the day-to-day running of the building.
Whether you’re a landlord or part of a Resident Management Company, it is essential that you understand your rights and obligations when ending your relationship with your current block management company. Depending on your contract, you may simply need to provide adequate notice of termination. In other cases, the process can be more complex.
At London Online, we work with both landlords and RMCs to ensure the smooth and effective management of their blocks. With years of experience, we provide efficient day-to-day services, working closely with developers and contractors to create great places for residents to live. Our knowledgeable managing agents are always happy to guide you through the process of changing your block management company and make the transition as seamless as possible.
Finding the Right Replacement
Once you understand your rights and obligations, the next – and most important – step is choosing the right block management company. Because the block management industry is largely unregulated, it is vital to be vigilant when making your choice. Always check accreditations and reviews before appointing an agent.
Research your shortlisted companies carefully and prepare a list of relevant questions about their experience, processes, and approach.
Appointing Your New Managing Agent
If you’re truly unhappy with your current managing agent, no one would blame you for wanting to end the relationship quickly. However, once you do, you will typically only have around three months to appoint a new managing agent. During this time, the outgoing agent must hand over all responsibilities, documents, and resources to your new company.
Although it may be tempting to step back and let this happen without your involvement, we recommend staying engaged throughout the process. The good news is that a reliable and efficient new managing agent will keep you informed at every stage.
A Smoother Process
In recent years, changing managing agents has become much more straightforward, thanks to the abundance of online resources that support freeholders, RMCs, and managing agents in making an informed switch. If you choose the right replacement block management company, your new agent will work hard to ensure a smooth and timely transfer of information and funds.
At London Online, we have worked with freeholders, leaseholders, RMCs, and new build developers for many years, focusing on effective communication, efficient problem-solving, and financial transparency. Founded by leaseholders who had become disillusioned with the industry’s poor standards, we built our company on the principles of honesty, expertise, and value.
We are not the biggest managing agent in the industry – and we don’t aspire to be. Instead, we aim to be the best. Our goal is to build lasting relationships with our clients based on transparency and trust.
Get in touch with our friendly, small-but-dedicated team to arrange a no-obligation visit. We’ll provide feedback on your block and put together a tailored management proposal.
