Altering title deeds to remove factor requirement

darksquid

Hi all,

I'm a long-time MSE lurker, and I usually find that my questions can be answered through the little search box up there on the top of the screen... but I'm afraid I'm stumped this time, and I'm wondering if anyone can help!

We just recently moved into a block of six flats (building originally built in the 20's, and converted into flats in 2000/2001) in Edinburgh. Four of the flats are owner/occupier, and two are rented by disinterested landlords. The title deeds state that the development must be managed by a factor and that we must obtain joint buildings insurance as arranged by the factor.

However, over the past few months, we have discovered that the other flat owners have been having ongoing issues with the factors...from cleaning issues to communication issues, to billing issues, the list goes on and on. To add insult to injury, the block insurance policy is due for renewal next month, and the quote they supplied us is £100 a year more than last year's - from £250 to £350. For the other long-suffering residents, this is the last straw, and they have taken up arms against the factor...and we have agreed to go to war with them!

The four of us who own our own flats have agreed that we would like to take steps to remove the factoring requirement from our title deeds, thus freeing us up to self-factor and arrange our own insurance policies. The other two flats have not responded to our communications, but as far as we are aware, we have the majority required to take action now. We feel comfortable moving to self-factoring, as we have very good communication between the four owner/occupiers, and feel that we should be able to manage the two rented properties. A solicitor has been contacted, but we have had very little communication from him regarding the likely outcome of this manoeuvre.

Can anyone offer us any advice for taking this forward? I have seen plenty of advice for people wanting to change factors, but not much at all for people like us who want to ditch the factors altogether.

Thanks in advance, and apologies for the lengthy first post!! :eek:

zappster1966

I think once you've got a straight majority of owners you can go ahead, give notice to the existing factors that their contract is at an end (3 months notice usually, check your deeds for that). Problem comes about though with the deeds requiring a factor to be in place & (possibly) communal buildings insurance being compulsorily charged by the factor. The four owners could form their own mini factoring company, on paper, to satisfy the terms of the deeds ?

Good on you though for getting a majority to get rid of the factors. Those parasites rely on disinterest & absent landlords for their hefty fees.

I'm sure Govan Law Centre were looking into the whole issue of factors recently ? Maybe their website could give you a step for a hint.

darksquid

Thanks for this. Govan Law Centre's website recommends Edinburgh Council's Advice Shop on South Bridge for assistance in Edinburgh. I work just round the corner from them, so I might stop in this afternoon and see what they say.

Having moved from an unfactored traditional tenement (which was very well maintained) into this ridiculous situation, I have to say I'm not feeling the factoring love. It seems we're paying £40 a month to get pushed around and not communicated with! :mad: