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Factors

Kelly McFadden posted on the 29/08/2018 11:08:16 PM

I am looking to replace our current factors due to high costs and poor service - can anyone recommend companies? Unfortunately Milnbank are not taking on new properties.


2 Replies :


#1 - M replied on the 2/09/2018 2:43:06 PM

My close is self factored and to be honest it is pretty good. Whenever there's a problem someone takes it upon themselves to get a few quotes and they get paid out the fund.

We don't pay in that much per month because there is already a fair bit of cash saved up in it but if you were starting, if you have 8 houses, try 30 quid a month and within 2 yr you can probably lower it as you will likely find you are putting in more than is being spent.

To ditch the factor and start a fund you just need to get a majority of owners to agree.

Potential costs to think about: Close lighting bill, yearly roof inspection and repairs, secure door entry maintenance, repainting, cleaning. If your building is in good shape I can highly recommend it, it's really worked out well for us.


#2 - Frank Plowright replied on the 4/09/2018 5:36:20 PM

If you have people willing to put in the time and a close where six out of eight owners are willing to self-factor and pay into a communal bank account, it's likely you'll come out ahead in financial terms. However, if there is a large job needed it'll take up your time. It is very dependent on the nature of other people owning properties in your close. Mine has self-factored for over 20 years now, and problems with other owners have been negligible, but absentee owners can be awkward//


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