What is a Deed of Conditions in Scotland? A Deed of Conditions is a legal document, usually part of your title deeds, that sets out the rules for maintaining, managing, and paying for shared areas in a building or development. It applies to all current and future...
FAQs on Tenement Maintenance Plans in Scotland What is a Tenement Maintenance Plan (TMP)? A TMP is a formal, multi-year plan for maintaining the shared parts of a tenement building: scheduling inspections, repairing roofs and walls, budgeting for future works, and...
What is an insurance reinstatement value? The reinstatement cost of a property (sometimes called the Declared Value) is the amount it would cost to totally rebuild the property if it was totally destroyed. So, for example, a fire burned your property down, or if it...
What is a sinking fund? A sinking fund, also known as a reserve fund, is a separate fund set up on behalf of the homeowners to cover routine/unforeseen repairs and major works on common areas of the property. What is the benefit of a sinking fund? A sinking fund adds...
A listed building is a building or structure that is considered ‘special’. To become listed, a building must meet criteria that has been set by Scottish government. The criteria for listing includes, · Age and rarity · Architectural interest · Historical...
