Selling flat and transferring RTM membership?

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  • ram
    replied
    Regarding Rmc ( resident Managing company) -- who will always hold the freehold, your share certificate is returned to the RMC ( or agent ) and a new certificate is issued in the new owners name ( and with the same number on it [ Cant have more shares issued that there are flats]).

    so in you RTM company, it should be the same, although if you paid your equal share of the set up of the RTM. then the share should be transfered for the same amount you paid, as that is what it actually cost you to have a share in the RTM company.

    Nomally when a house owner or developer converts or builds flats, the shares are given automatically, and for a £ 1 fee being charged.
    Yours may have cost you considerably more, which you want back !

    One normally ignors the £ 1 it cost an owner who is selling the share to a new owner to buy a share in an RMC company, but not if you paid thousands to be able to have your current RTM share !

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  • Skins
    started a topic Selling flat and transferring RTM membership?

    Selling flat and transferring RTM membership?

    Hi all

    First post and so apologies if it's in the wrong section but wonder if anyone could help?

    I'm in the process of selling my leasehold flat and we have a RTM company with one director, who as he is experienced in property, deals with the maintenance etc and we have no outside management company involved.

    My buyers solicitor has asked me the procedure and costs of how the buyer joins the RTM company/takes over my share.. I've asked the director but he doesn't know and said he'll try and find out as I'm the first person to sell since the company was formed so I though I'd try and find out too. He thinks it will be a letter of transfer between me and the buyer and then just an internal letter with the RTM. Does anyone know the procedure of what to do or have any advice.. TIA

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