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James4D
Posts: 1 Newbie
Hello, Im a cash buyer and found a small flat in Scotland I like. I did do a search here on factoring but I hope some can answer this concern. I really like the flat, the communal area and stairwell looked in good condition and the heme report had mostly 1s some 2s. The block is an old building over 100 years.
One concern I have is the 10 or so properties arent factored. The EA says its a verbal agreement to carry out any repairs. Im looking at the flat for next 5 years then want to move abroad again.
Will the lack of factor give problems selling it in the future, is might he difficult for others to get mortgage? And also for me to get insurance?
Should I be suspicious that there is no factor, a lot of flats in Scotland seem to be factored?
Someone suggested factoring can sometimes be a rip off.
While I like the place, I dont want to buy something that will be a turkey.
If you can offer any views etc Id be really greatful, thanks! :cool:
One concern I have is the 10 or so properties arent factored. The EA says its a verbal agreement to carry out any repairs. Im looking at the flat for next 5 years then want to move abroad again.
Will the lack of factor give problems selling it in the future, is might he difficult for others to get mortgage? And also for me to get insurance?
Should I be suspicious that there is no factor, a lot of flats in Scotland seem to be factored?
Someone suggested factoring can sometimes be a rip off.
While I like the place, I dont want to buy something that will be a turkey.
If you can offer any views etc Id be really greatful, thanks! :cool:
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Comments
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Will the lack of factor give problems selling it in the future, is might he difficult for others to get mortgage? And also for me to get insurance?
No, mortgage lenders and insurers aren't interested in whether or not a block is factored.
And a lot aren't. Mine isn't. Nothing suspicious about it.Should I be suspicious that there is no factor, a lot of flats in Scotland seem to be factored?
Look at how well-maintained the property is (whether or not it's factored). Factoring doesn't mean repairs magically happen - the factor just manages things, they still need the owners to stump up cash. How are repairs etc actually managed - does one of the owners take charge or does it seem more ad hoc than that? How many flats are owner-occupied? Absentee landlords can be less interested in paying their share.0 -
I'd echo working out what happens in actual practice re the maintenance.
With no factor - what should happen are regular meetings (if only once a year) of all parties concerned. 10 flats = each flat having 10% of the "vote" as to how things are done. Ditto I'd wonder re cleaning of the communal areas - 10 flats should mean a cleaning rota of each flat doing it once every 10 weeks (assuming weekly cleans).
That's the way things should be. You need to find out how it works "on the ground".0 -
I lived in 8 flats in Edinburgh, Aberdeen and Perth in my 20+ years in Scotland, and only 1 of those was factored (a rental). The only significant problem I had was with one that I owned where the stair was primarily rentals (including several owned by a HA) where one of the owners could not be located and statutory repairs had to be made at a greater cost than would have otherwise been the case.0
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