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to not pay factor fees??

(13 Posts)
MalkieFraser Thu 16-Jun-11 12:56:07

I inherited this property after my Mum died last April, ownership was officially passed to me in September. The house was paid outright through insurance around this time.

I received an invoice from the factoring company for £200 (which I don't have and have no way of getting!) stating that it is compulsory I pay it within 30 days and continue to pay yearly. It is a post dated invoice up to 2012.

I owned my last property and had no factor or fees to pay and that was a flat.
This is an end terraced property....

Dolcegusto Thu 16-Jun-11 13:04:32

I don't even know what factoring is but bumping for you till someone more knowledgable comes along smile

LadyThumb Thu 16-Jun-11 13:06:17

Obviously you're not in the UK, 'cos we don't have factoring fees here. What are they?

eurochick Thu 16-Jun-11 13:06:36

I know what factoring is but I don't understand this post at all!

DamselInDisarray Thu 16-Jun-11 13:07:05

you get factor fees in Scotland. They're fees to whoever manages the property.

EvenLessNarkyPuffin Thu 16-Jun-11 13:07:50

Quick google says they're scottish Ladythumb grin

There seem to be lots of threads on about it.

Rangirl Thu 16-Jun-11 13:08:42

If you are the owner and the factor fee is part of the title obligations you will have to pay it,why would you not? If you don't they will sue you

MalkieFraser Thu 16-Jun-11 13:08:50

Yes, I'm in Scotland smile Didn't realise it wasn't a well known thing, guess that's why Google was unhelpful....

MalkieFraser Thu 16-Jun-11 13:09:59

Thanks Puffin, I'll have a wee look here. Rangirl didn't know if they were compulsory or not, having never paid them in over a decade of home ownership.

TheCrackFox Thu 16-Jun-11 13:11:09

A you might legally have to pay the factoring fee.

B They might be a bunch of chancers. Are you 100% sure your mum's property has to pay factoring fees.

I hate factoring fees and I would never buy a house/flat that has to pay them ever again. The costs seem to be completely unpredictable.

pippitysqueakity Thu 16-Jun-11 13:12:26

Check your deeds, factor fees should be stated there. If they are, you need to pay them I'm afraid.

5Foot5 Thu 16-Jun-11 13:12:42

Sounds like the Ground Rent many properties have in England unless you have bought the feehold. If so then yes you will have to pay.

5Foot5 Thu 16-Jun-11 13:13:12

That should be "freehold"

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