The Core Factoring Services we provide to our customers include:
- Arranging and administering maintenance of common property by appointing contractors and service suppliers.
- Exercising financial controls including payment of contractor and service supplier invoices (subject to the availability of homeowner funds).
- Issuing common charges accounts to you at regular intervals for common works and services, our fees and, if appropriate, insurance premiums.
- Dealing with your communications and enquiries.
- Meeting homeowners, contractors, service suppliers, insurance brokers, local authorities and other third parties as appropriate, where considered necessary.
- Collecting and administering homeowners’ advance funds and sinking / reserve funds where appropriate.
- Placing insurance cover through our appointed broker, where appropriate, for buildings, property owners’ liability, lifts, employer’s liability and so on.
- Intimating insurance claims relating to common property, where appropriate, under insurance policies placed by our appointed broker.
- Administering debt recovery procedures for unpaid common charges accounts including instruction of legal action.
In addition to ongoing maintenance and repair, there may be a requirement for more substantial or complex works to your property which your Property Factor may not be best qualified to assist you with, such as:
- Major repair or refurbishment schemes
- Large scale decoration schemes
- Defect identification
- Large scale roof repairs or renewals
- Lift replacement or refurbishment
- Play park removal or replacement
Your property is likely to be your biggest personal investment and when substantial work is required we recommend getting professional help to protect this investment, get best value for your money, and avoid making costly mistakes.
Where substantial items of maintenance, repair and so on are required, you are likely to benefit from the involvement of other professional services and we can assist you in finding assistance from experts such as:
- Building Surveyors
- Architects
- Quantity Surveyors
- Clerks of Works
- Structural Engineers
Depending on the nature of any project, and particularly where multiple professional services are required, this would typically be administered by a Project Manager or Building Surveyor.
If there are also Additional Services required from us, such as to assist in administering finances, issuing additional documentation or facilitating meetings and communication, any applicable costs are confirmed prior to incurring expenditure.
Professional Services
What you should expect from such professionals will depend on the type of project/works being undertaken and the following overview summarises the services you may expect from one or more of the professionals noted above:
- A Building Surveyor can help you specify, tender for and supervise repairs. They will also carry out building condition surveys and prepare maintenance plans. They may also become the Project Manager.
- Quantity surveyors measure and cost works and are normally called in by your architect or surveyor.
- Architects can carry out similar roles to a surveyor in the building repair process. Architects may be better suited for jobs where detailed drawings are required.
A important consideration is that these professionals are experienced in repairing buildings like yours. If your building is listed or in a conservation area, choose an architect or surveyor who has a conservation accreditation.
What you should expect from appointed professionals during the course of your project?
Inspection Survey
A report will be provided, advising you what repairs your building needs or further investigations required.
At this point you may be notified of the requirement for additional inspections by a structural engineer or alternative specialist.
A meeting of homeowners will likely be necessary once the survey is submitted to you, to assist in the explanation of the findings and decide how you wish to proceed with the recommendations.
Specification/Tender
The tenders will be checked and verified and thereafter reported to the group of homeowners for their approval. Again, this may require a meeting of homeowners to agree on the proposals submitted.
Collection of Funding
This ensures the ability to settle contractors’ ongoing invoices, which are likely to be submitted at agreed intervals or stages of the project, subject to the review and acceptance of the Project Manager/Surveyor.
Only when sufficient funds have been ingathered will the contractor be given permission to commence works.
Grant Applications
The appointed project manager should make the appropriate applications and notify homeowners if these are granted.
Project Oversight
The appropriate professional should inspect the quality of the work at intervals, liaise with the appointed contractor and ensure that the specification is being followed.
Service Providers
In addition, a group of homeowners may choose to appoint their own professional to assist with the ongoing maintenance and repair of their properties.
