Major Problem with Factor

MadMax_2

DH and I live in a flat amongst another 7 flats in a conversion. When we moved in 3 years ago when purchasing the flat the factor for the building said there were £40k worth of repairs required (this conversion is 15 years old). The owner at the time knocked £5k off the sale price which was okay. Also I got a building expert at work to look at the report and he said we were being over charged and the work would be no more than £20k.

3 years has passed and we have cleared all of the work that needed done. At a residents meeting 6 moths ago its was suggested we get an up to date inspection so we would know if everything had been cleared since we had spent a lot on the building. My DH and I didnt go to that meeting so didnt agree to the inspection but thought that we would be looking at a couple of thousand in repairs or 0.

Last week we received the updated report which stated £17.5k in immediate repairs and £54.5k in required repairs. We also need the buidling painted which they havent even quoted us for and also didnt get access to the roof on the new part of the building so have guestimated that cost. As you can appreciate dh and I dont have that kind of money. I know that the factors overcharge us for everything and I have told my neighbours this. I also know they always send out the same builder to do the repairs - no one else (have recently found out from local police this builder is seriously dodgy and he is in with all the factors in the area). In fact they have been out at the same repair 4 times so they arent that good anyway.

I am concerned because of the following:

99% of the work is related to the roof area above a particular residents flat (he is the one who has pushed for this report funny enough!)

None of the work concerns our flat

We are expected to pay £9k with nothing getting done to our flat i.e the whole building needs repainted

I have time again told the residents that I work for a plant hire company and that I can get plant, access equip for nowt to save us money but they dont pursue it (of the £17.5k, £4k is allocated to hiring plant)

I feel as if the surveyor has nit picked at everything to keep the factor in business along with the builder friend.


Our biggest worry is that my husband and I for the last 4 months decided to put the flat up on the market in the first week in March but with any potential buyer likely to get a factor report with any instructed survey, I feel they have devalued how much we can ask for our property and have also made it unmarketable. Please note the flat is in Scotland.

Please note that all except one of my neighbours are retired (DH and I also work) and take no interest in maintaining the building!

Any help with this matter is appreciated!

jennifernil

That is really bad. Where in Scotland are you? The factor is not FD I hope?

MadMax_2

Its H & P - well known large factor and I am near Glasgow. I am seriously thinking about taking legal advice as there is no way we can afford it. I am due my baby any day now and I think my hormones are all in a tiz and this is really worrying me!!

Poppy9

What's a factor?

Who owns the freehold? When you bought your flat what did it say about repairs & maintenance? Did it specify it had to be carried out by a certain company?

MadMax_2

We dont really have freeholds in Scotland as I think thats more an English and Welsh thing. A factor is a company that is a middle man for repairs. The residents report faults to the factor, the factor company gets a tradesman to inspect and quote for the repair and then we all pay the factor the repair bill. I think our paperwork ties us to this factor. I will need to dig out all the legal documents and go through with a fine toothcomb. Last year the residents met and some including myself wanted to get rid of the factor and organise and pay for the repairs ourselves but the older ones said no way in case someone didnt pay up (they are the majority). I can see their point but we are getting charged at least double for the repairs and they arent that good anyway! Also an older neighbour said if a young couple move in they were more likely not the pay up - as we are a young couple I took offence to this!!!!!! But then again that neighbour never has anyone visiting her!!!! I wonder why! Miaow!!

jennifernil

H&P are a very big firm, so the service can be a bit impersonal. You might be better with a smaller family firm. You need to check what conditions (if any) there are in your title about changing factor. I doubt you can be tied forever to this factor as that would be unreasonable. Most builders/developers tie you down for a period of something like 3 years. The best time to change is at the time of the property insurance renewal. You will probably be expected to give your present factor 3 months notice in writing. Usually it requires only a majority of the owners to agree. All this should be in your title.
My daughter's building (in Glasgow) changed factor by this method last July and costs have dropped dramatically and things are finally getting done.
I would suggest that changing factor would be a better option than going it alone. That can be difficult and time consuming, and most lenders do prefer there to be a factor in place.
There is a sort of "trade association" that most reputable factors belong to, I wonder whether you could ask them to look into your concerns if your present factor is a member.

MadMax_2

Many thanks for reply Jennifer - I will PM you.

Best wishes

Mad Max