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Property Management
Factoring - your questions answered
What does a factor do?
How is the factor paid?
What is a Common Buildings Insurance Policy and why is one needed?
What is a management float?
How does the factor deal with common repairs?
What does a factor do?
A factor is a professional property manager who works for you and the other owners in your property. When asked, he organises tradesmen for common repairs and maintenance, He also looks after ground burdens, maintenance and similar matters for you and your neighbours.
How is the factor paid?
The factor is paid four times a year, in February, May, August and November. You are sent an invoice for your share of any common repairs, insurance and other charges, including a management fee. You reimburse him in arrears for tradesmen's accounts and other expenses run up on your behalf.
What is a Common Buildings Insurance Policy and why is one needed?
A Common Buildings Policy is normally a standard requirement in Deeds of Conditions. The policy ensures that multi-owned property is adequately covered for full reinstatement. Grant and Wilson Ltd insure with two leading insurance companies. Owners can benefit from the many premiums savings we make on block policies taken out with these companies. Policies are fully comprehensive, are index-linked and have nil excess. They cover the main fabric of the building, internal fixtures and fittings and include property owners' third party liability insurance. It does not cover contents belonging to owners. Should the need arise for an insurance claim to be submitted on your behalf, you simply contact Grant and Wilson Ltd with the relevant details. If the claim relates to theft, malicious damage, vandalism or fire, you will need the relevant Crime Reference Number before the insurers will accept the claim form. Once estimates (if applicable) have been received, they are approved by the insurance company and the contractors will then make direct contact with the owner to repair the damage. Insurance premiums are collected over four quarters which eases your cash flow.
What is a management float?
The common pool or float is a one-time deposit of an agreed sum to ease cash-flow problems between the time the factor pays your day-to-day bills and recoups money from you. Repairs can -and do- happen at any time. The float lets the factor organise repairs and pay tradesmen without delay. You get the money back when you sell your property.
How does the factor deal with common repairs?
There are procedures for reporting common repairs. Grant and Wilson Ltd does carry out regular inspections of property, but if, in between these inspections, you suspect that a repair is required, you simply need to telephone the office. If the responsibility for the repair is common (rather than private), we will co-ordinate the necessary trades on your behalf and charge costs to each owner according to their appropriate share. If the repair is extensive, we will request competitive estimates and seek owners' further instructions by way of a mandate. If a mandate is required then, dependent on the repair, we may be able to instruct this by a majority decision.