What are the legal responsibilities of the RTM Company and its directors?
The directors of the RTM Company have the normal responsibilities of any limited company, however, they also are responsible for the maintenance of the building as the freeholder would have been before. They effectively replace the freeholder in terms of insurance and maintenance. This is not an onerous task in the case of buildings under 5 flats in size, however, we would always advise you outsource this role to a managing agents as they will have the necessary systems, expertise and insurances to assist in the collection of revenues, insurance and maintenance of the building.
