FAQs About Our Dundee Factoring Services
Staying on top of changing legislation and managing repairs, maintenance and tenant relationships can be challenging.
We’ve answered some of your commonly asked questions to provide you with more insight into property management.
What does a property factoring agency do?
A property factor manages and maintains the shared areas of buildings and developments where multiple homeowners live, such as tenements or apartment blocks or houses that share communal gardens or grounds. They oversee the upkeep of communal spaces like stairways, hallways, lifts, and shared gardens, ensuring these areas are well-maintained for all residents.
How are factoring fees calculated?
Factoring fees usually consist of two parts: a management fee for the factor’s services and the actual costs of maintenance and repairs. These costs are typically shared between all homeowners in the building according to the share specified in your title deeds. Your property factor should provide clear, detailed bills showing exactly what you’re paying for.
Can we change our property factor?
Yes, homeowners can collectively decide to change their property factor. This usually requires a majority agreement from all owners in the building. The process of changing property factors should be done according to your title deeds and the requirements of the Property Factors (Scotland) Act 2011.
Why should I consider property management services in Dundee?
Juggling every element of property management can be overwhelming. However, outsourcing certain aspects to a property factor will alleviate stress and ensure everything gets done on time and correctly.
With a property factor, homeowners can protect their property which is one of their biggest financial investments.
Whether your property is new or old, modern or traditional, trust Taylor & Martin to make your life easier.
Reach out to our professionals today.