In its role as Property Factor Knowes provides additional services to around 200 tenement 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. New owners are required to pay £100 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. Owners in low rise properties or in some tenements without a factoring clause in their title deeds 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 these details are given to owners as part of our owner’s handbook. Any changes in the year will be notified to owners via Knowes’ magazine.
A copy of our Written Statement Of Services To Home Owners Revised August 2021 for owner occupiers can be found here.
A copy of our Handbook for Owners is availabe to view.
For impartial advice regarding factoring please go to www.underoneroof.scot