The Association currently factors 85 properties within our area of operation. The Association has authority to act as your factor as it will either:-
- Be named as factor in the Title Deeds.
- Have been appointed when we took over ownership and management of the Windlaw stock.
- Have been appointed directly.
- Were already the factor for the block, at the time that you purchased the property.
Responsibilities of a Property Factor
The main responsibility of the Association as Factor (Managing Agent) is the general management and administration of the properties. The Factor has specific powers, duties and responsibilities as defined in the Deeds of Conditions, but can be summarised as follows:-
- To arrange and oversee the maintenance, general upkeep, repair and any improvements requiring to be carried out to the common parts of the property, including cyclical maintenance programmes.
- To instruct minor repairs up to a fixed sum of £300 per owner without reference to the proprietors, and to obtain the necessary authority from the proprietors where larger repairs are required.
- To convene proprietors meetings when required or as requested by the proprietors.
- To ensure compliance by proprietors with obligations.
- To invoice proprietors and be accountable for expenditure incurred on proprietors' behalf. To recover outstanding debts by the various methods available.
- To ensure that all properties in a block which are factored by the Association are insured for Fire, Storm and Property Owners Liability
Please click here to view our factoring policy