The Association currently factors 145 properties within our area of operation the majority of which were sold under right to buy legislation and are contained within mixed tenure blocks. The Association has authority to act as your factor as it will either:-
- Be named as factor in the Title Deeds.
- Have been appointed when we took over ownership and management of the GHA stock in March 2009.
- Have been appointed directly.
- Were already the factor for the block, at the time that you purchased the property.
Responsibilities of a Property Factor
The main responsibility of the Association as Factor (Managing Agent) is the general management and administration of the properties. The Factor has specific powers, duties and responsibilities as defined in the Deeds of Conditions, but can be summarised as follows:-
- To arrange and oversee the maintenance , general upkeeep, repair and any improvements requiring to be carried out to the common parts of the property, including cyclical maintenance programmes.
- To instruct minor repairs up to a fixed sum of £2000 without reference to the proprietors, and to obtain the necessary authority from the proprietors where larger repairs are required.
- To convene proprietors meetings when required or as requested by the proprietors.
- To ensure compliance by proprietors with obligations.
- To invoice proprietors and be accountable for expenditure incurred on proprietors' behalf. To recover outstanding debts by the various methods available.
- To ensure that all properties factored by the Association are insured for Fire, Storm and Property Owners Liability