Property Management Factor (Speirs Gumley)

Logicpro8_user

Hi everyone! My 1st post!

I have just moved into a new flat (3 years old) ij Edinburgh, got a great price for a 2 bedroom en suit flat, everything good apart from….

We have a Property Management Factor in place for the 10 flats in my block.
The Property Management Factor is Speirs Gumley who I’m sure some of you know from Edinburgh, Glasgow.

They say they are charging us aprox £900 per year for their services? That works out at £75 a month? This includes buildings insurance.

I need to know if this is right. Or can I contest against it? I mean the £75 includes their buildings insurance; can I not just go else where for my buildings insurance?

Over and over the £900 per year, they would also charge us for anything that needs fixing.

Is this right? can I do anything about it? I cant really find any information on the web about Factoring and fairness?

Help!:mad:

Nosht

If the majority of residents in your block want to change to another factor then they can.

N.

Logicpro8_user

Can I tell the factor im not willing to pay this amount per month?
Can I say to them I will deal with buildings insureance myself?

Can I do anything?

AMILLIONDOLLARS

Logicpro8_user wrote: »

Can I tell the factor im not willing to pay this amount per month?
Can I say to them I will deal with buildings insureance myself?

Can I do anything?

I am afraid you can't, when you bought the flat your solicitor / estate agent should have told you what the services charges would be, it would have been in the contract you signed, also in the contract would have been a percentage increase year on year of some kind. Unfortunately for you £900 is only the beginning.

Wait and see how the management company performs. If you are not satisfied with the job they are doing, you'll need to contact all the flat owners to see if they want to go down the self-management route.

Now you know why the flat was a good price!!!

Good luck

AMD

adecor

It is quite normal for flats to have their own building insurance as it is a safeguard for the owner. You could ask them (sounds like they are an agent for someone) to breakdown what services are included in the price that they are charging. If they won't give you that information it might be worth contacting the owner to see if they are more helpful. BTW they will probably hit you with an excess service charge at some point too - to avoid the shock of this ask them when they actually send these out.

Logicpro8_user

AMILLIONDOLLARS wrote: »

Now you know why the flat was a good price!!!

I think it was a good price because it was a repo! anyway I have emailed Speirs Gumley now asking for a full breakdown of what it is and how much is exactly is.

I did ask beforte and they said £900 per year, but I think they might have menat £900 a year for all 10 flats?!?! PLus anything that bneeds doing ontop of that? so they make £9000 a year from all 10 people in that block!!! :rotfl:

ILW

Sounds a pretty average cost to me.

Logicpro8_user

ILW wrote: »

Sounds a pretty average cost to me.

Thats what I needed to know!

I just got off the phone to them and got an email.

The charge is £915 aprrox a year, this includes.

Buildings Insurance
Lift maininance
Cleaning
Painting
General repairs
Garden

£76.25 a month approx plsu a float of £250 as I just moved in.
is this a fair cost? I havent had a factor before :T

AMILLIONDOLLARS

Logicpro8_user wrote: »

Thats what I needed to know!

I just got off the phone to them and got an email.

The charge is £915 aprrox a year, this includes.

Buildings Insurance
Lift maininance
Cleaning
Painting
General repairs
Garden

£76.25 a month approx plsu a float of £250 as I just moved in.
is this a fair cost? I havent had a factor before :T

Only you can judge that, does the building look maintained, does the lift work, does the communal areas look painted, what about the garden? If none of these looks to have been done, its back to the management agents for an explanation. Why don't you knock on your neighbours doors and ask how efficient the company is then you can make a judgement on whether the charge is fair. Charges can vary from blocks of flats to management companies, £900 pa seems reasonable to me.

AMD