Factor float- hacking & paterson- increased float money demand

MaryDolly

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 recovery is being pursued as if the amount is an unpaid debt.

Is anyone else experiencing this demand for extra money for the float?

Has anyone challenged this successfully or are we all paying up for fear of court action being taken?

ValHaller

Write and ask them to justify why they should be allowed to demand that the float should exceed the amount specified in the deeds. Keep a copy of your letter.

More than likely you will be ignored and they will still go to court. At which point they will need to address the question. And if they prove their case, you can pay up. And if you were ignored when you asked for a justification, the costs are all theirs.

gfplux

Float factor, is that for the sinking fund. I have never hear it called a float factor. Where do lawyers get these new names.
Is it a signing fee, what is it.
Sorry for not knowing. Is this a term used in Scotland.

googler

This document was published by Aberdeen council, but appears intended to cover the whole of Scotland - I haven't read it, but section 3 may prove helpful

http://www.aberdeencity.gov.uk/web/files/PrivateHousing/common_repair_common_sense.pdf

antrobus

gfplux wrote: »

Float factor, is that for the sinking fund. I have never hear it called a float factor. Where do lawyers get these new names.
Is it a signing fee, what is it.
Sorry for not knowing. Is this a term used in Scotland.

Yes. 'Factor' means agent, and in Scotland the word 'factor' is used to denote a managing agent or a steward of an estate. The float would indeed be what was commonly referred to as the sinking fund south of the border.

Kolin

Same Factor, Same Script. I have referred the matter under The Property Factors ( Scotland) Act 2011 to the Homeowner Housing Panel in Argyle Street, Glasgow for deliberation. THe forms were hand delivered on Friday 21st December. I can be contacted on 07860 319822.

Parkie

PS I have not paid the increase they are asking for.

sarumane

Kolin

I have also refused to pay. Can you let me know how you get on?

Kolin

give me a phone and i will let you know the latest developments.