Factor's Charges

captainhaggis

I've been disgusted since day one but it's become too much to bottle up and today I feel the need to vent :

I'm disgusted at how much property factoring companies charge for the management of developments.

I have two factored properties :

- one in a gated community with a gym and a concierge. The flat itself is in a block of nine and there are about 10 similar blocks in the community. Additionally there are about 10 other blocks of different style apartments. There is an underground (and above ground) car park and landscaped gardens. The fee includes cleaning of windows and cleaning of communal hallways.

I am paying 59.00 a month for the factoring of this development (to which the electronic gate doesn't work and, two years on from completion, has NEVER been closed).

- another is in a similar development but not gated, no gym or concierge so basically just a block of flats with communal halls. Again, nine flats in each block and about 10 blocks overall.

Here I'm paying 40.00 a month but have just been stung with a 130.00 bill for additional charges not covered by their fee.

I'm astonished at these charges and cannot imagine for a second where my 600+500 (ish) pounds are going every year, depsite being sent accounts.

Do these fees sound fair/average to everyone else? I guess I'm mainly annoyed at having to find over a hundred extra quid ontop of what I already see as high factoring charges.

EDIT : just seen this similar thread.... http://forums.moneysavingexpert.com/showthread.html?t=2226191

Fire_Fox

Have you asked for a breakdown of what the money is being spent on? Have you been to the developments and checked the work charged for is being done to spec? Are you sure the gate is the factors responsibility and not the developers? Have you put your complaint about the gate into writing by recorded delivery?

scottishblondie

It's not that terrible IMO, but make sure that you check the breakdown of the charges on each bill and query anything that seems wrong. My factor gets the amounts wrong sometimes (by dividing up the charges between the flats incorrectly, for example).

I pay £40 a month in a building of 14 flats, and regularly have to pay extra for things like lift repairs, buildings insurance etc.

captainhaggis

Thanks Blondie

I think it's ridiculous. I've just looked out the statement of accounts for 2007-2008 and on a two year old development I've had to pay for repairs to TV aerials, bin stores, locks on bin stores, exterior lights and other things that one would hope would last more than 24 months.

I've got a fence at my own place and it hasn't needed to be repaired in five years....

Thanks for the reply though. I'm going to look in to this.

I'm seriously considering starting my own factoring firm... I know I could do all of these things cheaper.

If I lived in the developments I'd ABSOLUTELY start a tennant's assoc instead.

eco-friendly_2

I believe there's a bill being put through the Scottish parliament this year to sort out these jokers, hopefully their days are numbered.

scottishblondie

eco-friendly wrote: »

I believe there's a bill being put through the Scottish parliament this year to sort out these jokers, hopefully their days are numbered.

I had heard something about that - factors can be a right load of useless, overpriced, so-and-sos and they seem to be entirely unregulated.

I can understand why a lot of people think self-factoring would be better, but in reality, especially in a big development, it would probably be just as bad. We thought about self-factoring in my building, but the truth is too many of the flats are rented out, people are too busy, others don't care.

In the end we decided to sack the (truly terrible developer appointed) factor and get a new one through a recommendation. It costs just as much but they are marginally better at keeping on top of things!

captainhaggis

I think one of the big problems is that with new developments the developer is undoubtedly being given an incentive to appoint a certain factor from the outset and, once installed, it's quite difficult to get them out.

I blame the factors for being expensive - I don't have any doubt that they're fleecing everyone and profiting not just on the actual repair costs but on their management fees (i.e. charging 15.00 for a 10.00 lock, or 150.00 for a 100.00 fence repair).

I seriously would love to set up a FAIR factoring company just to get one over these thieves.

eco-friendly_2

I've two flats which are 'privately factored' one is a dream where the people care and will put their hand in their pocket, the other is a nightmare, they would watch the building fall about them. I was approached regarding another, I said yeah if it's recorded in the title and everyone is legally obligated-the only way.

eco-friendly_2

(i.e. charging 15.00 for a 10.00 lock

How about £6.70 each in a block of six just to replace a stair light? last time I was there two where flickering like mad.

:rotfl:

captainhaggis

eco-friendly wrote: »

How about £6.70 each in a block of six just to replace a stair light? last time I was there two where flickering like mad.

:rotfl:

Did you complain to them?!

eco-friendly_2

captainhaggis wrote: »

Did you complain to them?!

We'll be writing to them AGAIN. I requested way back if they would change all the lamps in the one go to save labour costs, (the filaments are about £3.00) and was told Sorry! they can't do that.:(

*****