Glossary · United Kingdom
Right to Manage (RTM)
Quick answer
A statutory right allowing leaseholders of a building to take over its management from the freeholder, without proving fault, through an RTM company.
Next steps
Put it into practice
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Related
Related terms
Leasehold Enfranchisement
The statutory right of qualifying leaseholders to buy the freehold of their building (collective enfranchisement) or extend their lease.
Service Charge
A charge paid by leaseholders towards the costs of maintaining, repairing, managing and insuring communal parts of a residential building or estate.
Additional Property Surcharge
An additional SDLT charge that can apply when an individual purchases an additional residential property, subject to the applicable rules and exemptions.
Adverse Possession
The legal process by which someone who has openly occupied land they do not own for a qualifying period may apply to become its registered owner. Colloquially 'squatter's rights'.
Amortisation
The gradual repayment of a loan's capital over its term through scheduled instalments, steadily reducing the outstanding balance.
Asking Price
The price at which a property is initially offered for sale by the seller. The final transaction price may be higher or lower.
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