A Factor is required for the general upkeep of the internal and external communal areas of a development, as well as the main structure. We do all this to ensure compliance with your Deeds and the Tenement Scotland Act. Accounting and budgeting is also a critical function that we perform for you. As well as working with you to budget for the future and ensure good funding and cash flow of your development, we have a highly trained Estate Accounts team with a wealth of experience. As well as being your home, we appreciate that your property is a significant long term, strategic investment. We must enhance its asset value and ensure it is kept in excellent order.
What is a Title Deed or Deed of conditions?
A legal document outlining your own obligations in terms of the title of your property and shared responsibility for the common parts. It may explain the common parts and in what proportion you must pay for any maintenance to them.
What is a float, why do I have to pay this?
In most residential developments, each owner is required to contribute a float on taking entry to the property, either as stipulated in the Title Deed or Deed of condition or as part of your Factors terms and conditions. The Factor requires this so that he has sufficient capital to instruct and pay for works and services, very often carried out without advance funding and invoiced in arrears to their clients.
I already have buildings insurance, why do I have to pay the factor?
In the majority of instances your Title Deed or Deed of Condition, requires you to arrange a Common Buildings Insurance Policy via the Factor. There is, in these cases no need to have private buildings cover. It is possible that your private insurers will consider a premium refund, once you explain your obligations as a joint owner.
Why do we have common insurance? Can we not all just do our own thing?
There are huge advantages to a common policy, not least, an uncomplicated claims process in the event of a major claim. With only one insurer involved, devastating losses such as fire, storms and serious burst pipes can be dealt with far more expeditiously by a single loss adjuster appointed to manage the entire claim process ensuring that the building is restored as quickly as possible. Only one excess payment applies rather than many individual excesses.
There is an item on my account for legal expenses for pursuing an owner who had not paid their bill.
Not necessarily. Owners are liable for the costs incurred in managing the common property and in the case of modern developments a Deed of Condition may make provisions that expenses incurred in pursing non-payment of bad debtors can be legitimately recharged to other Owners if the debt is unrecoverable. However you should consult with your title or ask your Factor to show evidence that they can do this.
Do I get a say in what is done at our property?
Yes. We encourage owners to tell us what they want / need with regards to communal services. Usually when we are appointed we will discuss your needs and put in a plan of action moving forward so that as many of the issues discussed can be addressed.
What is your Property Factor Registration No?