Flat with no factor (fees)

lydriver

Wondering if this is a good or bad thing?

Was looking at a flat that's for sale as the owner has died, the estate agents could only tell me the owner had their own insurance but nothing about how it works when work needs done to the stairs/roof etc

I've never really thought about this in depth but who owns the roof/stairs etc, do they not have a say in who does the work?

marksoton

Poor show from the EA. They should have this information available before marketing the property IMO.

I'd steer well clear until they can clarify these sort of details.

scottishblondie

As you have already observed, buying in a building without a factor can cause a lot of issues when it comes to the maintenance of the common areas. They will be owned equally by all the property owners, unless it is stated on the deeds, but getting people to co-operate when something costs money can be tricky. I wouldn't buy in a building without either a factor or a well-run owner's committee that was taking care of the building.

Ms_Sophia

Have a look at the communal areas - if everything seems well maintained, tidy etc - then probably the neighbours are a reasonable bunch and they have a way of looking after the communal parts and managing the costs of it.

We bought a flat like that and so far no problems. Each flat is responsible for their own insurance, They are maisonettes and the communal areas are minimal.

I understand where people are coming from saying that it's better to pay fees so you know if repairs are required then it'll be paid from the fund/by the management company etc.
However in another property we got the management fees are £3,000 per year - and it only cover the bare minimum, lighting and cleaning in communal areas, a lift, insurance.

I would so much rather not pay these £3k every year, but if something needs to be done, then pay only then, i.e. share the costs with other flats. It would definitely be so much less costs for us then forking out £3k a year.

agrinnall

I bought a flat in an unfactored building (about half the flats were owned by a HA, not that they were much help!) and there were some issues with maintenance and repair as a result. Although there was a stair cleaning service when I moved in it eventually stopped because it was impossible to get people, especially in privately tenanted flats, to pay for it. And a problem with the skylight at the top of the stair had to go to a statutory notice with consequent higher costs in the end because it was impossible to get a response from one of the flat owners after we got quotes for getting the work done ourselves.