Buying a flat - factor fees (Scotland)

Bvv

My partner & I are looking to buy our first home (in Scotland). We've viewed a number of places and found one we liked. It's a flat that is part of a larger development which was built around 10 years ago. During the viewing we asked the current owner what the factor fees are, and he gave us an approximation, but wasn't sure of the exact amount. When asked what the fees cover, we were told it includes pretty much all maintenance/repairs of the communal areas.

Before putting in an offer we'd like to have greater clarity on the exact fees charged & whether it truly includes all maintenance/repairs (as a bit of Googling appears to show that people are often hit with additional bills?). How/where would we be able to find this information? Should we ask the seller for invoices of the last year/years?

davidmcn

All regular communal maintenance/repairs will (almost certainly) come via the factors, any additional bills would be for one-off costs (Scottish developments rarely have sinking funds like are commonplace in England) - unlikely you'll have anything major for a recent development but there could be redecoration etc.

You can ask the seller for recent invoices. When you get further down the line the solicitors will get proper confirmation from the factors about any major planned or unpaid works.

ProDave

Make your offer conditional on being satisfied with the factoring fees. That should push it up the agenda to clarify quickly and gives you an exit route if you are not happy.

comeandgo

Get your solicitor to ask. Your solicitor puts in the offer in Scotland, go by their advice.

glasgowdan

Find out who the factor is and give them a call.

As it's Scotland you won't have spent money on surveys and so on so it's easy to back away if you don't like what you hear.

Bvv

Thanks all. When we viewed the flat there was scaffolding up in another part of the same development, which we thought was potentially an issue of concern, considering the building is not that old. Will speak to our solicitor in the next few days and see what they advise.

davidmcn

glasgowdan wrote: »

Find out who the factor is and give them a call.

As it's Scotland you won't have spent money on surveys and so on so it's easy to back away if you don't like what you hear.

I doubt they'll be happy to disclose much to random potential buyers, other than (probably) confirming that they are the factors for the development. Anything else is confidential to the property owners. You'd need to make any enquiries to the sellers (or via the solicitors).

glennevis

Factors hace to be licensed in Scotland and have a code of conduct, so you can read about what to expect:



https://newtenementhandbook.scot/articles/1107/Property_Factors__Managers_/Property_Factors_Code_of_Conduct


My experience of property purchases in Scotland are that solicitors are willing to do a lot more for their fee so, as advised, just ask for more info via your solicitor.