Factor float fee

sherry1

Does anoyone know whether you are legally bound to pay Factor float fees? Thanks

G_M

Impossible to answer. Who instructed the factor? Why? To do what?

What do your Title deeds/lease say?
See here.

sherry1

We bought a new build on a new estate and pay a factor each month for maintaining the park and landscaping which is fine. However, they have also asked each household to pay £100 into a float so that they can pay tradesmen when problems arise without having to wait to get the money from each household.

There are 150 houses on the estate so that they are sitting on £15000 from our estate alone. As far as i know they don't have to pass repairs by us or get value for money quotes, it kinda feels like a pot they can dip into and once they have we have to top it up. Have tried googlin to find out if we have to pay it, i just feel handing the money over in advance means they have little accountability.

Jowo_2

No idea but check with Shelter Scotland as they can give free expert advice in this area and their site is usually very informative, too. Many make a float and common buildings insurance a pre-requisite of engaging them to manage a property.

What's your issue with providing the factor with a float from which they can pay workmen's invoices swiftly without waiting weeks for each owner to refund them their share?.