One Call Away www.factor8ltd.co.uk
Who We Are Factor 8 Ltd is a young, dynamic and reliable property management company which brings years of varied knowledge and experience together to produce a dedicated, enthusiastic and driven team. We ensure both building companies, and homeowners receive the best property management service possible; without exception. Our office is based in the picturesque village of Roslin on the outskirts of Edinburgh, famous for the Rosslyn Chapel and the film the Da Vinci Code.
Introduction This guide is intended primarily for residential clients living on modern blocks of flats, traditional tenement properties, refurbished/converted buildings and residential developments where only the landscaping, play areas etc. are collectively owned. The need for a property factoring service arises where properties share common facilities and amenities. Such common facilities may include the main structural elements of the building, internal stairwell & corridors, its entrance, water pumps & tanks, lifts etc. The amenity areas which pertain to a development which are common may include landscaped gardens, play areas and equipment, shelterbelts, woodlands and other landscape areas. The Title Deeds to your property may include a supplementary document known as the Deed of Conditions which will: Identify the common parts, facilities and amenities Describe the responsibilities of individual owners Set out the manner in which common facilities and amenities are to be administered The function of the property factor is to act as Agent or Principle for the co-owners in administering the common facilities and amenities. This administration largely relates to arranging for repairs, maintenance and insurance of the common property and implementing appropriate financial controls on behalf of the co-owners of the block or development. Common Parts These are usually any parts of the building or grounds, which pertain to several proprietors under common ownership. The Roof Communal Corridor Landscaped Areas Shared Parking
About Us With Managing Director Craig Gorman managing the company and an experienced team of dedicated property professionals we always ensure the service delivery is second to none. The company culture is one where first and foremost service matters. Our clients are core to our business and customer service is our overriding priority. Craig Gorman Managing Director Craig has over 14 years experience in the property factoring industry having worked in some of the most reputable factoring companies in Scotland gaining years of knowledge and experience. Craig was also part of the consultancy process for setting up the Property Factors (Scotland) Act 2011 to bring professionalism to the industry. The company s vision comes from his time working in property factoring and his understanding of what discerning clients expect from a modern property factoring company.
Our Values Staff At Factor 8 Ltd we invest in recruitment and training as we believe that our employees represent our greatest asset. This is a philosophy that we passionately believe in and are confident that we can maintain a reliable and motivated property factoring team at all times. We have a flat lined business structure and our team is fully empowered to answer client s questions and deal personally with any issues that may arise. As a company we are particularly active in promoting team members and have various incentive and reward schemes in place. We recognise hard work and have put in place a Staff Service Award scheme. Approach to Business We pride ourselves on the quality of our service we provide and strive to deliver the best service at all times which is value for money. Through proactive property factoring we are able to deal with all maintenance related issues professionally and in a timely manner. We don t manage buildings we deal with people and try to ensure we meet our client s expectations on the service we deliver. Our aim is to build a good working relationship with our clients, developers and contractors alike to ensure we deliver on our service standards time and time again. Our emphasis is on continuous improvement throughout our service and to give you peace of mind by alleviating all your worries and concerns associated with the property management of your development.
What Can You Expect from Us Our role as property factor of common residential property is wide ranging. Among the many property factoring duties which we perform are as follows, but not exclusive. Organising and administering day to day elements of common repair and maintenance for which co-owners are responsible under the terms of the Deed of Conditions. Arranging and administering the maintenance of common landscape areas and amenity areas. Arranging and administering the cleaning of communal flatted development areas. Entering into contracts on behalf of co-owners for the supply of goods and services. Placing insurance cover, where appropriate, for buildings, property owners liability, engineering insurance for lifts, communal contents and agreeing the terms of any such insurance cover. Handling client correspondence, enquiries, reports, complaints etc. from individual home owners, residents associations and liaising solicitors, contractors and other professional bodies relating to matters airing from the day to day management of the development. Meeting contractors, insurance representatives, local authorities etc. where necessary. Recommending and implementing planned maintenance of common property including creating bespoke budgets for co-owners. Carrying out credit control duties to ensure development finances are kept in check. Attending developer sales meetings with the clients to discuss the factoring arrangements.
Our Core Services
Our In-House Core Services
Approved Contractor Services
What We Can Expect from You! Accompanying your ownership of your property are your responsibilities and obligations which should have explained to you by your solicitor at the time of purchase. We would highly recommend that homeowners request copies of the relevant Title Deeds & Deed of Conditions pertaining to your property. The Deed of Conditions makes provision for homeowners to maintain their own property in a good state of repair and to contribute their proportion of any common maintenance and management costs. Should any homeowners fail to meet share of communal repairs/maintenance this action may lead to delay in essential works. Homeowners are requested to refer any defects in common property to us promptly and also report any evidence of unsatisfactory workmanship in relation to the common areas. Insurance Provision is normally made in the Deed of Conditions for a common block buildings insurance policy for a block of flats. We believe that a common insurance policy is the only way on ensuring all areas within a flatted development are adequately covered, avoiding the pitfalls which may arise when this vital cover is left to be arranged by homeowners individually. Among the benefits to be derived from participation in a common block buildings insurance policy, arranged on behalf of the co-homeowners of a flatted development are: The reassurance to all homeowners that the complete building has adequate cover. This allows homeowners to cancel any privately arranged block buildings cover. Avoiding a situation where, if the flatted development is insured individually and one or more homeowners may be grossly underinsured, a serious shortfall of funds could arise, potentially jeopardising the reinstatement of the building in the event of a major fire, flood etc. Property owner s liability insurance provides cover for a third party making a claim against homeowners for injury or damage, will also be included, both for flatted developments and for residential developments with communal landscape & amenity areas only.
Communication Factor 8 Ltd strongly believes that in order to maintain a development at its best, good communication between the homeowners and property factor is vital to the smooth running of our service. We are here to assist you and your fellow neighbours in preserving the value of your property and it is essential that both parties work together to achieve this objective. As homeowners ultimately are paying maintenance and management cost, we strongly believe that they should have a say in issues affecting them and the development. We promote and encourage the formation of Residents Associations to give everyone a voice in the way the development is being managed. We are happy to meet homeowners either at their property or at our offices. Where matters are of a communal interest, which require discussion amongst a group of homeowners, we will attend evening meetings. As part of our commitment to communication each homeowner receives a welcome pack and a written statement of services upon purchase of their property. We also issue periodic newsletters with up-to-date information about the development.
Financial Arrangements It is important that homeowners are involved in the assessing and agreeing costs for communal maintenance and services for their property and we will always seek authority from the majority of homeowners for major works. Equally it is desirable that essential repairs can be dealt with timeously and as property factors have authority to instruct minor works without making contact with all homeowners. The Deed of Conditions usually makes provision for such action. In other cases, we will obtain competitive quotations and write to all homeowners for approval. The financial arrangements which we administer on behalf of the co-owners are vital part of our overall property factoring service. These arrangements include the following: A float is payable to us by each co-owner, usually at the time of purchase of their property or with payment of the initial common factoring invoice. As common factoring accounts are issued to co-owners after we have settled accounts to contractors, insurers, etc. the float is used meet these costs. The amount of the float is periodically reviewed and is returned upon sale. Subject to the availability of funds we arrange payment for all repairs and maintenance cost, insurance premiums, utilities bills etc. for which the co-owners are responsible. The costs for repairs, maintenance, insurance, administration etc. are apportioned by us and collected from the co-owners in accordance with the Deed of Conditions. Our invoices are issued monthly detailing the expenditure which has been incurred on the co-owners behalf over that period. Debt recovery is an important part of our credit control function which we operate. Should co-owners fail to meet their financial obligations, not only can it affect the progress of essential works and the insurance cover for the development; but also it can ultimately place an additional financial burden on neighbouring co-owners. Hence, we have a strict discipline for dealing with unpaid common charges which, in the long term, is to the benefit of all owners. Where sizeable debts accrue, we will discuss with all owners what further action we consider appropriate, in keeping with our policy of involving co-owners in all aspects of the property factoring of their development.
Property Factoring App Welcome to the Factor 8 Ltd App Our property factoring app is breaking new ground in the property management industry. The app is free to download and makes it easier for homeowners to deal with issues quickly and effectively. The free app allows access to such information as: News and updates Pay an invoice Report a repair Emergency contractors Report an insurance claim
Frequently Asked Questions Why should I use Factor 8 Ltd? Factor 8 Ltd has been trading since 2016 and has already obtained an excellent reputation by providing a first class property factoring service, which is value for money. Set up by Craig to respond to the growing dissatisfaction by clients to the traditional property factors within the industry. He saw an opportunity of providing a first class property factoring service without the need to overcharge the clients. By bringing the traditional core factoring services all under one roof it means we can control and manage the services more effectively and cut down on response times. We will do what we say we are going to do and our proactive approach to factoring allows us to solve issues that others have struggled with in the past. We care passionately about our clients and the service we deliver. We never underestimate that our future success depends on how our clients feel about our service. Will there be regular site inspections and audits? Yes we carry our monthly site inspections of all developments and annually carry out conditional reporting. We believe this is an effective management tool for all parties and ensures developments are kept up to the high possible standard. What about Health & Safety? Health & Safety is paramount to our business and we have an excellent safety record. Detailed Risk Assessments and Health & Safety assessments would be completed prior to commencement of any contract. What happens if something goes wrong? Unfortunately sometimes things don t go as planned and we pride ourselves on our ability to respond quickly and efficiently in the event of a problem. What about employing contractors outside the company? We operate a classification system for contractors. All contractors must complete a Health & Safety questionnaire and references are sought where required before they are put on our approved contractor list. Approved contractors that work for Factor 8 Ltd must demonstrate that they comply with currently Health & Safety legislation, have the necessary training and certification for the trade or skill being provided. They must also supply us with a current copy of their public liability insurance certificate and employer s liability insurance. Factor 8 Ltd will generally use contractors that have achieved a preferred contractor status. Preferred contractor status is achieved by contractor s demonstration of competency, health & safety and quality by independent industry accreditation by qualification with such organisations as Construction Line, Select, NICEIC, Safe Contractor, Gas Safe etc.
We look forward to working with you to add value to your property factoring needs. Craig
The Annex Glenafton House 38 Penicuik Road Roslin EH25 9LH