How to Change Managing Agent

A Step-by-Step Guide for RMCs, Freeholders and RTMs

Switching managing agent might feel overwhelming. Where do you start? Who do you speak to? Is it complicated? At Altus PM, we understand the detail involved in a transition and focus on making the process straightforward and manageable for directors, freeholders and residents. This step-by-step guide explains when to consider a change, what your current agreement allows, how the handover works, and how we support you through each stage.

Signs it may be time to change managing agent

Most directors do not start the year planning to change agent. The decision usually builds gradually, through frustrations that begin to outweigh the inconvenience of switching. Common triggers include:

Property managers changing every few months, with no continuity of knowledge about the building
Slow or unanswered communications, particularly during urgent maintenance issues
Service charge accounts that arrive late, contain errors, or lack supporting information
A reactive approach to maintenance rather than a planned one
Limited engagement with building safety obligations
Difficulty getting clear answers on supplier costs or contractor selection
A sense that the building is one of many in a manager's portfolio rather than a priority

Steps to a Smooth Transition

Step 1Review your current management agreement
Begin with your existing contract – it sets the rules for everything that follows. So take the first step by understanding what your current management agreement allows. Most agreements specify a notice period, the method by which notice must be served, and the documentation required to terminate. The contract will also set out:

• Whether termination requires a specific reason or can be given without cause
• Any fees payable on termination or handover
• Obligations on the outgoing agent to transfer records, funds and contracts
• The handover period and what the agent must provide

We can help you review these details so the transition is legally compliant and avoids unnecessary costs. RMC and RTM directors should also check the company’s articles of association and any board resolutions required to authorise the change.
Step 2Set clear objectives for the new arrangement
Why are you changing agent, and what do you want to achieve? Perhaps it is about better communication, cost savings, stronger financial reporting, or a more proactive approach to maintenance. Common objectives include:

• Faster response times on day-to-day queries
• A named property manager with a reasonable portfolio size
• Detailed financial reporting at agreed intervals
• A planned maintenance programme
• Proactive and proper management of building safety and compliance
• Resident communication channels that actually work

We take the time to understand each client’s goals, allowing us to tailor our approach and provide the service the building genuinely needs.
Step 3Open communication with key stakeholders
A successful transition depends on keeping everyone involved properly informed. As the RMC director, RTM director or freeholder leading the change, your communications should cover:

• Fellow directors: the rationale, the chosen agent, the timeline and their role in the process
• Leaseholders and residents: what is changing, when, and what stays the same e.g. their lease, their service charge obligations, their rights
• Your current agent: formal written notice in line with the contract, plus a request for a handover meeting

We support clients in communicating the change to their residents, offering reassurance and explaining what improvements to expect. Honest, early communication reduces resistance and gives assurance.
Step 4Transparent handover of records and data
One of the most challenging parts of changing managing agent is transferring records and funds. This can be the part most directors worry about. Don’t. The outgoing agent has clear obligations to hand over. The outgoing agent should provide:

• Financial records, including service charge accounts, reserve fund balances and bank statements
• Reconciled service charge funds transferred to the new agent’s client account
• Lease copies, leaseholder contact details and arrears information
• Insurance policies and claims history
• Health and safety files, fire risk assessments, and EWS1 forms where applicable
• Contractor agreements, warranties and ongoing maintenance contracts
• Building plans, asset registers and compliance certification

We will work closely with your current managing agent to ensure a complete and smooth transfer, overseeing every detail so there is no disruption in service.
Step 5Establish a transition timeline
How long will this all take? It depends on your contract and your building, but having a structured timeline keeps all parties on track and ensures everyone knows what to expect. From our first meeting through to full mobilisation, we provide a clear roadmap and keep clients updated at every step. The phases generally fall into three stages:

• Notice and appointment: notice served in line with the contract, new agent appointed, handover checklist agreed
• Transfer period: building inspection, resident communications issued, document and financial transfer completed, new contracts signed, portals and systems set up
• First review: first board meeting under the new arrangement, immediate priorities actioned, structured review at the end of the first year

The length of each phase depends on the complexity of the building and the terms of your existing contract. Allow extra time for each phase in case your current agent is slow to respond or release information.
Step 6Implement service improvements
Once the handover is complete, we get to work by conducting a thorough review of the property to identify areas where efficiencies can be improved, costs reduced and resident satisfaction increased. This is where you benefit from Altus PM and see value, through better service, better outcomes, and a building that is actively managed rather than simply maintained.

Common pitfalls when changing managing agent

A few things commonly trip directors up. Here’s what to watch out for:

Poor advance planning

Serving notice before a replacement is appointed creates a dangerous gap in management, leaving the building without day-to-day oversight.

Overlooking the handover

Document transfer, financial reconciliation and compliance handover all take longer than most directors expect, so factor in contingency.

Deciding on price alone

The cheapest fee rarely delivers the best long-term value, particularly when service quality or expertise is compromised.

Neglecting communication

Residents who are kept informed tend to accept change, but a lack of communication during the transition quickly leads to unnecessary concern and pushback.

Why make the move to Altus?

At Altus, we make changing managing agent straightforward by setting a clear plan, providing regular updates and assigning a dedicated team to oversee the process from start to finish. Our experience managing buildings of all sizes across London means transitions are well organised and run smoothly from the outset. We begin improving day-to-day management early on, so you see the benefits of Altus PM from day one. By the time notice expires, your building is already being managed in a more consistent and accountable way, giving directors and residents confidence in the decision to switch.

hf_20260421_123814_a56b6398-19b0-469a-8297-2124521946ec-(1)

Frequently asked questions

How much notice do I need to give my current managing agent?

Your management agreement sets out the notice period and the way in which notice must be served. Check your contract carefully, and take legal advice if any of the wording is unclear. We can help you review your current agreement as part of the transition to Altus.

Can leaseholders force a change of managing agent?

Yes, in certain circumstances. Under the Commonhold and Leasehold Reform Act 2002, qualifying leaseholders can exercise Right to Manage (RTM) to take over management of their building through an RTM company. The Leasehold and Freehold Reform Act 2024 introduced further changes to the qualifying criteria, including raising the non-residential floor area threshold from 25% to 50% from 3rd March 2025. Separately, under Section 24 of the Landlord and Tenant Act 1987, an application can be made to the First-tier Tribunal to appoint new management where the current agent is failing.

How long does it take to switch managing agent?

The timeline depends on the notice period in your current contract, the complexity of the building, and the co-operation of your current agent. We recommend planning for the full contractual notice period plus time for a thorough handover.

Will there be a gap in service during the handover?

We ensure systems are ready to take over from day one so clients do not experience any disruption to service.

What documents should your current agent provide?

Financial records, service charge funds, lease copies, insurance policies, fire risk assessments, contractor agreements, building plans, and compliance certification. We agree a full handover checklist at the start of the transition so nothing is missed.

Who pays for the transition?

Handover costs depend on the terms of both your current agreement and the agreement with your new agent. Agree fees with both parties upfront so there are no surprises.

Can I change managing agent mid-financial year?

Yes, you can. Changing managing agent mid-year requires careful planning around year-end accounting. Your current agent should produce accounts up to the handover date, with your new agent assuming responsibility for the remainder of the financial year. We agree the arrangement in writing with all parties before notice is served.

Ready to make the change?

Whether you’re ready to switch or just exploring your options, we’re happy to talk. Contact us today to discuss how we can simplify the process for your building. Our team can review your current arrangement and provide a management proposal tailored to your needs.