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Common questions about our Factoring service
What is a Factor?
As required by the Title Deeds, it is the owners responsibility to ensure that the common parts of their building are maintained to standard. The ‘factor’ is there to help owners do this effectively. The factor is the agent appointed by the majority of the owners and is delegated responsibility for the upkeep of the common parts of the building.
Principally, the factor arranges:
- agreed ongoing maintenance
- required repairs
- collection of owners share of costs
- payment for services
Consistent and effective maintenance requires dedicated time and organisation and a level of expertise where building repairs are needed.
Further information on the responsibilities of owners and factors can be found at http://www.underoneroof.scot
At LPF we only act where we have majority owner approval and financial participation. Owners only delegate authority to us to carry out minor and required repairs up to the value of the float. Any expenditure beyond this requires owner consultation and approval.
We are a registered Property Factor (PF000359) as required by the Property Factors (Scotland) Act 2011 (http://www.legislation.gov.uk/asp/2011/8/contents).
Common Buildings Insurance
We appoint a qualified insurance broker to canvas the market and place common buildings cover on behalf of our clients. This is a core service and required to ensure that any claims are processed with minimum delay and inconvenience to co-owners.
We request each owner contribute an equal amount to an emergency float when we are appointed. The float belongs to the owners and is kept in a separate account. It is returned to owners when they sell their property. Even if your Title Deeds do not require the maintenance of a float, it is recommend by the Tenement (Scotland) Act 2014
(http://www.legislation.gov.uk/asp/2004/11/contents). This means that funds are immediately available to carry out minor repairs or to make safe in the event of an emergency.
We offer this facility. This is an excellent way to spread the cost of repair work and fairly attributes the cost to remedy deterioration to the owners during their ownership. An agreed amount is routinely levied from each owner and banked in a separate account with regular statements provided to clients. This fund belongs to the building. The cost of all extraordinary maintenance and repair is drawn from that account. The benefit to clients is that they avoid large unexpected bills for repairs.
Why should I choose Lomond Property Factors?
- We are efficient, effective and dedicated.
- We care about your property and consider your needs as an individual.
- We are unique in offering to regularly inspect and report on the condition of your building so that you are aware in advance where problems are likely to arise. This allows you to budget and schedule maintenance/repair work to suit you. Timely maintenance is very much cheaper than an emergency repair.