Property Factoring FAQ’s
The definition of a Factor, also known as a Property Manager, is an individual or company charged with the responsibility for managing properties, estates and open space. Factoring is a complex business requiring structure and up to date knowledge of statutory requirements for the various legislations. A Factor’s has a number of roles and responsibilities that contribute to role in the smooth running of properties with common areas and shared amenities.
Walker Sandford’s Property Factor Registration No is PF000164
A Factor’s role is to act in the interests of residents both in terms of the various legislations and in the upkeep of all common elements that relate to a property. Walker Sandford has a full understanding of these requirements and works to a high standard for the benefit of all of their clients. As well as property maintenance a Factor’s additional role is to manage the accounts of the property. This involves making sure that each of the owners fulfills their individual financial commitments to the maintenance and upkeep of the property. What this means for owners is that:
- Their property is compliant
- All the maintenance, repair and gardens or grounds is taken care of in a smooth and uninterrupted way
- Owners do not need to be involved in the day by day repair and maintenance decisions.
- Individual owners are not in a position where they have to chase other owners for unpaid bills or financial contributions for the building’s upkeep.
No, we are so confident that you will be happy with our service that we offer you a guarantee. If the majority of the owners are not satisfied within the first six months, WE WILL RESIGN. Thereafter, termination of the agreement by either party will require 28 days notice.
Unlike most other Factors, with Walker Sandford there is NO Factor Float. With other factors you have to pay a deposit called a Factor Float. This is billed to you on the purchase or handover of a development. It is used to help balance the development account until invoicing begins. If you sell your property, generally the factor float will be refunded within a final bill less any monies owed.
Walker Sandford’s Registered Address is
Walker Sandford Property Management Ltd.
c/o Clements Chartered Accountants
39 St Vincent Place
Company Registration No: SC155468
A deed of conditions is a legal document which forms part of the title deeds to a building or a group of buildings. It applies to the common areas. The Deed of Conditions states in black and white the detailed rights, duties, and obligations of every owner within the building. It identifies the common areas and provides arrangements for the management and repair of the property, the division of costs between owners and helpful procedures to resolve disputes.
You can contact Walker Sandford through a variety of channels:
By letter – 5 St. Vincent Place, Glasgow G1 2DH
By email – email@example.com
By Phone – tel: 0141 221 2263 | fax: 0141 221 2342
Online -You can now leave a message through the contact form on this website
We understand that emergencies can happen day or night and we don’t want to leave you stranded. Our 24 hour response service is designed to be a first port of call for emergencies that spring up when our office is closed. This service has proved to be a big success among our clients. The contact number for emergency out of hours service is 01412212263
Each owner in a building or development is jointly liable for communal charges. Your solicitor should notify you of your responsibilities and liabilities with all the other properties with regards to these charges.
Walker Sandford’s basic fee for the provision of factoring fees is £3.00 ex vat per week. Walker Sandford offer regular discounts to the Management Fee of :
- 10% for emailed correspondence
- 10% for account settlement by means of Direct Debit
The Management Fee is our charge for managing your development. This includes:
- Liaising with contractors and tendering for the best service
- Working with our Insurance Broker to achieve the best deal and resolve any issues
- Produce invoices (inline with the deed of condition)
- Cost of sending invoices, letters and newsletters
- Provide credit control to ensure that everyone pays their share
- Chasing payments on behalf of the development or property
- Liaise with electricity companies to make sure all charges are accurate and fair
- Undertake regular site visits and maintenance checks
At Walker Sandford we know people feel more comfortable when they understand what they are being billed for so we give you an itemised invoice that brings you a detailed explanation of the items on the invoice. We provide this in the form of monthly Invoice / Statement, which include:
- Any balance brought forward
- Details of any works completed on your behalf
- Details of the contractor
- Other itemised services for that month.
You can pay your factoring fees in a number of ways: We offer you a 10% discount on your factoring fees when you sign up for E-invoicing.
- By Bank Transfer (Internet banking)
- By debit or credit card over the phone
- By cash either at your local bank or in our office
It is feasible that bills will fluctuate depending on the specific services actually carried out during an accounting period.
Walker Sandford have a dedicated Credit Control department to help ensure everybody in a property pays what they are due. We follow a strict legal procedure and liaise closely with our solicitor.
Walker Sandford understand that every owner has different financial circumstance, we aim to be fair and do our best to help in setting up payment plans that meet your needs at a particular time. However, it is your responsibility to contact us so that we can help you.
If you have an issue with your property or development you should contact our property managers here 0141 221 2263. They are available at our office during normal working hours.
We are sorry to say that Factors have no power to engage with social issues like “noisy neighbours”. We hope it would not come to this however, you may wish to consult with the Local Authority Anti-Social behaviour section or in a worse case scenario call the Police as these bodies do carry authority.
Individual insurance does not cover common areas. Let’s say your building has suffered a fire or a flood or common areas were vandalised, by having a block policy you can be assured that all parts of the property or development are covered. What’s more, the additional benefits of a block policy is that the claim is dealt with as one claim. This means there is only one excess payment and it is managed under one loss adjuster and one contractor. Generally this approach works out cheaper for everyone.
Individual insurance does not cover common areas. In terms of the Deed of Conditions, each owner is obliged to contribute to the cost of the common buildings insurance policy. You may want to contact your private insurers as it is likely that they will consider a premium refund, once you explain your obligations as a joint owner.
The Block Buildings Insurance generally covers all fixtures and fittings within the building and the structure of the building. Please note that individual policies will not give cover to communal areas so it is essential that you ensure your problem is covered under the communal buildings policy before making a claim.You can contact our property managers regarding the details of your properties Block Insurance cover 0141 221 2263
Our property managers will visit regularly. The number of visits depends on various factors including the services contract package related to your property.
Our property managers will put out to tender all maintenance and services to attain the best deal for the work that needs to be carried out. Our objective is to bring your the best quality service at the best value for money.
Yes. At Walker Sandford we understand that we are employed as your agents which means we work for you. We believe in giving our clients every opportunity to tell us what they need with regards to communal services. Every property is different so we aim to be flexible and meet the tailored needs of our clients.