RMC question

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    RMC question

    What, if any, responsibilities does a Director have to another lease holder?
    [ ie should they report on finances if asked. Where are their responsibilities to other leaseholders written?]

    #2
    The RMC is a non-profit company which has responsibility to manage the block of flats to the standard set in the RICS Residential Management Code. The Directors should be appointed from the leaseholders.

    Usually the RMC Directors appoints an external managing agent to do the day to day maintenance work according to the lease and to perform the duties under the lease, collect the service charge from leaseholders etc. Arrange annual meeting and listen to complaints from the leaseholders and resolve any issues.

    Comment


      #3
      Yes yes I know all that but,


      What, if any, responsibilities does a Director have to another lease holder?
      [ ie should they report on finances if asked. Where are their responsibilities to other leaseholders written?]

      ALSO

      If a director suspects the managing agent of financial anomalies that he can't really explain and refuses to supply evidence of this expense, should the other directors be informed and updated?

      Comment


        #4
        RMC leaseholders would normally also be a shareholder in the RMC.

        Directors must follow the RMC company articles of association as well as the general duties in the Companies Act such as acting with reasonable care, skill and diligence. If a shareholder believes there has been mismanagement or hiding of information this can be formerly raised at the AGM or in the case of serious mismanagement an EGM can be requested (although meetings are tricky at the moment obviously!).

        If a management agent is involved presumably the "financial anomaly" has come out of the service charge pot(?). If so a leaseholder can request a summary of the service charge account (if not provided) then request the supporting documentation including invoices etc. There has been a recent thread on Section 22 of the LTA1985 or look at:

        https://www.lease-advice.org/faq/how...eing-used-for/

        Appreciate none of these formal routes are quick if a director is being deliberately uncooperative.

        Comment

        Latest Activity

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