There is a lot to consider before you deciide to go down the RTM route (right to manage). You will become responsible for the day to day running of your building as well as being responsible for the management accounts.
Of course you can employ a management company to deal with the management of your block but care should be taken and a reputable company should be used. This page should give you some information on the right to manage your own block and how to get the ball rolling .
When this act was introduced it brought with it many more rights for leaseholders than they had previously. One of the most important parts of the act was the right of leaseholders to take over the management of their building. This was felt necessary by the government because many leaseholders were being ripped off by freeholders and their managing agents. The law needed to be changed so that leaseholders had more rights over the management of their blocks.
The act has provided a framework for leaseholders to take action against poor management of their blocks and excessive charges by agents employed by the landlord. It also gives the leaseholders control over works that need to be carried out on their block and control over the costs of building works. When a block is managed by the lessees there is far more transparency over service charges etc. The act empowers lessees to deal with the day-to-day running of their blocks which is seen as a big change.
The setting up of an RTM is very straight forward and the leaseholders do not have to prove any mismanagement by a landlord or his agents. They may feel that they can do a better job or employ another agent to do the job for them at a lower cost. In order to proceed with the RTM the leaseholders must serve a formal notice on the freeholder informing them that they wish to set up an RTM. After a set period the management of the block will pass over to the newly set up RTM company and the management will be carried out by the new company.