Factors Fees

Straubo

Hi there, I'll start off by apologising if this isn't the place for this, quite new to this forum malarky!

My girlfriend and I bought our first house nearly two years ago now on a private estate and have been paying factors fees without question, even although we were not advised by my financial advisor that we would have these annual charges.
I understand that the council will not pay for the upkeep of private land but I don't understand why we don't receive a council tax discount due to this, but thats another story!

We have just received a letter from Peverel, the factors, stating that not only are our payments to them are going up, they also want to take three £50 instalments over the next few months to raise a float in order that they can stay in credit with the bank!
Now I only want to know whether or not my factor is ripping the !!!! or in actual fact have any legal standing with regards to squeezing even more cash from us.

Sorry and thank you for any advice!

Arcaine

We are also on an estate where Peverel are the Lords and Masters. I have several things to say about them, most of which cannot be repeated on these boards. We were also not informed this would be the arrangement when we bought the house, either from the developer or at anytime during the purchase until we received the welcome pack and first bill.
They have put up the bill on average over 10% a year so far we have been in our house. I hope they never try this with us, I will complain bitterly to everyone that will listen. I looked at their accounts for our estate and it all looks in order until the vast majority of the money they take goes towards "Management Charges". I feel that these private estate management companies have too much power to charge what ever they please to the residents with no one checking they are keep prices in line or if what they are doing is in the best interests of the residents.

Jenny11

Hi there,

I am sick and tired of my factors ripping me off - is there a regulatory body for factors?

Many Thanks,
Jennifer

Fire_Fox

There will be laws governing this - in England it's the Landlord-Tenant Act 1985. You really need to read your long lease and find out what is and isn't allowed, then formally ask the factor (i.e. in writing) for a full breakdown of the proposed and actual charges.