Factoring Scheme - What's it for?
For some types of blocks of flats we act as "factors". This means that we organise common repairs to items such as roofs , close doors , door entry systems, and so on. We will also carry out replacement and renewal works such as windows to closes etc. We will involve you in discussions on such works where appropriate.
How is my share of the costs calculated ?
Where work is estimated to cost over £50 per share ,we will try to give you advance notice of this but this may not be possible in emergency or urgent situations.
This work is then recharged back to owners with their share based on the content of the"deed of conditions". This forms part of the legal agreement which owners entered into when the property was originally purchased. Your solicitor can provide advice on this.
Accounts are normally issued in January and July of each year. These will include a small factoring administration fee.
In addition we organise the bulidings insurance for the block and this cost is normally included in the January account. Please note that this does not include contents insurance and you should arrange this yourself.
As part of your participation in the Factoring Scheme you will receive the Association's newsletter and be invited to take part in our Annual Postal Survey.
Our officers also carry out regular inspections of these areas to check on the condtion and enforce tenancy and factoring conditions.
Common Repair Feedback
We issue Common Repair Feedback forms to tenants and owners when a repair to a common area is undetaken. You can help us identify ways to improve the service if you return these.
Change of Ownership / Contact Details
If you are selling your flat,please contact us and we can advise on any outstanding charges at the point of sale and ensure that you are not billed for work after the sale is completed.
If you own a property covered by the factoring scheme but do not live in it yourself, please provide us with contact details for billing purposes.
