Property Management (Factors)

HTCWinMob

So you buy a property and then you have the factors to deal with. So how much of a management fee do you pay your property manager per year to 'manage' (used loosely) the common grounds etc??

I live in a development of flats in central Scotland which currently has 90 properties on it. Each flat pays a management fee of £26 +vat per month (£30.55) (£11k per annum) for the luxury of these so called managers yet I am the one who has yet again had to call them to the property for a site visit....

mynameisdave

For a block that size £26 sounds reasonable for all the costs associated - buildings insrance, power to communal arreas, window cleaning, grass cutting...

Oh, and I have the luxury of £65 per month

HTCWinMob

Sorry no that's just the management fee. Electric, ground care, window and stair cleaning all extra. All in it works out at about £65pm inc the management fee...!!

scottishblondie

I pay £40 a month in a block of 14 flats in Glasgow, this covers the management fee and the rest goes towards the maintenance fund. I haven't worked out the monthly equivalent payment including buildings insurance and all the repair costs etc, but it's a lot more (lift repairs are very expensive!!).

The factors never come out to visit of their own accord, the residents report any problems and then they deal with it. TBH I wouldn't expect them to visit by themselves when there isn't a reason for it.

HTCWinMob

scottishblondie wrote: »

I pay £40 a month in a block of 14 flats in Glasgow, this covers the management fee and the rest goes towards the maintenance fund. I haven't worked out the monthly equivalent payment including buildings insurance and all the repair costs etc, but it's a lot more (lift repairs are very expensive!!).

The factors never come out to visit of their own accord, the residents report any problems and then they deal with it. TBH I wouldn't expect them to visit by themselves when there isn't a reason for it.

I wish I was paying £40 a month, well 4 years ago I was..!!!

neverdespairgirl

The service charge in my central London block works out as about £2,300 a year. Some London swish blocks have stupid £7k+ service charges a year, with a porter and so forth.

HTCWinMob

theartfullodger wrote: »

PS So why do you call them>??? Maybe everyone else has lost patience & given up... By calling them are you perhaps doing their job for them & saving them having to check up on what needs doing??

PPS When will you be giving up your Windoze HTC Mob & moving to the fab new world of (ph)Android???

Cheers!

Lodger
Delighted Android 2.2 (Froyo) Nexus One owner...

Because it builds up a record of complaint which works next year in our favour when we look to change factor or either bring it in house as I have done previously.

As for giving up my username not a chance even now it's called Windows Phone and not mobile anymore!! the latest build of windows phone 7 looks awesome!!

tenementliving

Can’t help you but this might cheer you up.
I live in one of the many tenements in Edinburgh that do not have a Factor. Good idea I thought when I moved in, no expensive factors fees. Until, I started trying to get agreement with my fellow tenement dweller owners. There are 15 of us and they can’t even agree what the consecutive door numbers should be.
When it comes to something basic like buildings insurance we can’t get the majority vote needed to go for block insurance, so we all go for separate policies. Not easy when your tenement has a flat roof with glass copula over the stair. Not uncommon in Scotland, but non-standard construction for most standard insurers so they will not quote you. Of the limited number who do you will not be covered for storm damage if the roof is older than 10 years.
The headache does not end there. With no factor there is no co-coordinator to make sure everyone has insurance at all, never mind it being the correct insurance, so if the biggest investment most people make in their lives burns down there is no guarantee it will be re-built.
It is of course a legal requirement that all owners have the requisite insurance (Tenements (Scotland) Act.) but this is only enforceable by the other owners. How do you write to your neighbours on an annual basis asking nicely if 1) do they have insurance and 2) have they proof of payment of their premiums? And stay on friendly terms? If they do not have the insurance it is up to you to enforce the obligation through the courts! The fact that buildings insurance is required by mortgage lenders is of no help since it is no longer a requirement that borrowers take insurance from their lenders. A lender only looks at the policy once they do not check that the installments are being paid and some do not even bother to check on an annual basis.
Don’t get me started on day to day repairs, without a factor you have to rely on the Council’s statutory notice procedures.
I wish I had a factor to moan about!!!