All your resources at your fingertips.Learn More
As of 30 November last year those wishing to set up a right to manage company (RTM) for property in Wales have a new set of RTM articles with which to incorporate.
Under its new powers the Welsh Government has published the RTM Companies (Model Articles) Regulations 2011 (SI2011/2680). RTM companies have been brought in under the Commonhold and Leasehold Reform Act 2002 to enable long-leasehold tenants of flats etc. to manage the freehold relating to their properties.
RTMs have their own prescribed set of articles and are limited by guarantee. They cannot be formed using the model articles applying to private companies limited by shares (as obtained from Companies House). These articles had to be updated under the changes made via the Companies Act 2006. The new articles for RTMs in England came in on 9 November 2009. The Welsh regulations that came in last year are broadly similar in terms of the articles save for some minor changes such as references to "chair" rather than "chairman", in some cases "must" rather than "shall", etc.
The regulations apply to an RTM company which exercises its right to manage for premises in Wales.
At Jordans we have the set of articles ready for use for those incorporating such companies.
The Leasehold Advisory Service (LEASE) has included a new section to their website to explain the differences between the residential leasehold law between England and Wales. See
"The manual is a must for any employer that needs clear practical advice on managing health and...
"This is an indispensable aid to the busy company secretary. The text is clear, the precedents...