Our customers’ property is more often than not the single largest investment they have. The maintenance of their asset is therefore of the utmost importance to us.
As property factor, we are in place to assist homeowners in administering the maintenance of their properties in line with the burdens placed on them through their Title Deeds.
On purchasing property with common ownership, homeowners are made aware of the obligations placed on them through a review of the governing Title Deeds during the purchase process. This document outlines legal ownership including what a homeowner owns and shares ownership in, the maintenance and repair obligations they have along with confirmation of what share of any applicable costs they have a responsibility to meet. The share of costs for each homeowner is often on an equitable basis however homeowners may pay a different percentage than their neighbours, depending on what is provided for in the Title Deeds.
A homeowner’s Title Deeds will also often identify the requirement for a property factor and how the homeowners can delegate authority to the factor (if not already in place prior to purchase) to administer the maintenance of common property on their behalf.
To facilitate maintenance of common property, modern Title Deeds generally provide for the homeowners placing the factor in funds by way of a property float; the provision of a float requirement also being supported by the Tenements (Scotland) Act 2004. We believe the provision of a float fund is essential in ensuring the ongoing maintenance of common property and payment of the float will be made during the purchase process or through our first factoring invoice.
Identification of common repairs required can be made to us in many ways and by any homeowner. Upon receipt of repair intimations our team will place instructions with a suitable contractor to undertake the works required or to report to us on the degree of works required to remedy any defect.
All works instructed by us are done so on behalf of all homeowners with any charges rendered for services undertaken also payable by all homeowners sharing in ownership of the common property repaired.
Often, maintenance or repair works of a larger scale are identified. Where this occurs there may be a requirement for us to obtain funding from our customers in advance. This is generally where the cost of the works exceeds the level of property float held. The funds ingathered are not provided to the appointed contractor in advance, but held by us until satisfactory completion of the works.
A cyclical/maintenance fund can assist in this process. For further details please click here.
If you are an existing customer and wish to report a matter requiring attention, please contact us here.