Factoring

Knowes acts as factor to around 200 flatted properties within Faifley and Duntocher.  The factoring agreement is set out within the title deeds of these properties and makes provision for Knowes to arrange block buildings insurance cover and carry out necessary repairs and maintenance to the common parts of the building.  The costs of these repairs can then be recharged to the owners within the building - apportioned on a basis as set out in their title deeds.  All future purchasers of flats with a common entrance will be required to participate in the factoring service and any other interested owner can apply to join on a voluntary basis subject to approval by Knowes' management committee.

New owners are required to pay £50 into the scheme as a repairs float. This is returned to them when they sell their property provided their account is clear.

There is an annual factoring fee to cover administration costs of the service.  The fee is reviewed annually by the Finance Sub-Committee. Non factored owners are charged an administration fee set as a percentage of the costs of repair and maintenance works.  This fee has upper and lower limits and is also reviewed annually by the Finance Sub-Committee.  All charges to owners are subject to VAT.

All these details are given to owners as part of an owner’s handbook. Any changes in the year will be notified to owners via Knowes’ quarterly newsletter.

Further details can be found in the Association’s policy on owners.

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