RESIDENTIAL MANAGEMENT

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A resident’s management company (RMC) is a non-profit organisation that is created in order to protect the interests of leaseholders within a residential premises. They are usually formed by the residents of a multi-occupied building who take ownership over the management and maintenance of their property. Usually, each resident owns one share per flat and essentially becomes a shareholder in the company, and in turn takes on the responsibility under the terms of the Lease to manage the building/development.

This ownership is distributed equally and if a resident sells their flat, that share is automatically passed on to the new owners, so only current residents remain in control of their building. Typically, the RMC take responsibility for communal areas, such as the grounds, walls, and roofs. In many cases residents in turn delegate the responsibility for the day-to-day management to a suitably appropriate managing agent.