Property Factors Bill = Scotland only

shinyahashimoto

We own a tenement flat in Scotland, playing a quarterly bill to a Factor(Property Managment Company) for any maintenance/buildings insurance. This month we received an extra 150 quid on the bill, was was for the Factors "float". This is designed to go into an account and cover bills which haven't been paid by anyone. We have been in this flat since 2007 and never paid this float, we have contacted the Factor and they have stated this is part of the new legislation which came into Scotland last month, and if we did not pay this they could take us to court! I have checked the bill online and it makes no mention you require to bill the owners the float fee.

Does anyone know if they are "at it" and could they take us to court? They are really robbing b*** *** and I am desperate not to give them anymore money!

http://www.scotland.gov.uk/Topics/Built-Environment/Housing/privateowners/propertyfactors/2011Act

Any advice much appreciated,

sweetilemon

We had to pay a £50 float but that was when we moved it...bit odd when you've lived there a while! Plus £150 is a lot...if they were paying a £900 bill for example(6 flats) I would want to know about it first! Speak to your neighbours. Not heard about any new laws but I really don't know for sure.

jennifernil

Having to deposit an initial amount as a "float" is common in newer properties, it gives the factors an amount to use on bills before they get your quarterly payment.

This amount would be returned to you if you sold the property, less any charges you were due to pay.

MaryDolly

FACTOR FLOAT- TO BE INCREASED from £500 to £700 Hi ,

I paid a factor float of £500 when I bought my flat- this was the amount detailed in the title deeds.

Recently, the factor Hacking & Paterson , is demanding that all the owners pay an extra £200 to the float-it isn't open for discussion- the amount was added to the common charges invoice and is recovery is being pursued as if the amount is an unpaid debt.

How did you get on with the same problem? I am in a similar position and dont know what to do.

Has the demand for the float been challenged successfully or are we all paying up for fear of court action being taken?

aggypanthus

What happens if any tennants dont pay the quarterly dues? I know someone in a rented flat who hasnt paid for 3 yrs and no one has hassled them for the money, but I wonder if they dont pay, will they still be insured thru the shared insurance?