Factor Fees

[noitsnotme]

I'm about to complete the purchase of my current flat in the next two weeks. I've had a look through my paperwork and see no mention of factor fees.

The majority of flat owners I know pay factor fees. Can any of you tell me if/what you pay for factor fees, and if you don't, what is your situation and have you been hit with any major bills? I'm 99% sure I will now be the only owner in my building. The rest are rented, I believe (from HA).

Thanks

Almost certainly there will be a Factor If the majority of the flats are still rented The HA will probably be the Factor It is a standard? for your solicitor to ask the HA solicitors

Yes, they are the factor as far as I'm aware. (They wrote to us once telling us they would pay for a one off clean of the close, as standards had slipped, and if we wanted this to be a regular arrangement, to contact them).

I'm just wondering about the payment side of it as i'll now be the only one owning my flat. I think there was a small nominal service charge as part of my rent, but now I won't be renting from them.

I would think you would pay an admin fee per quarter ,the cost of any repairs,and your share of the buildings insurance premium
Your solicitor should get more details from the seller s solicitors

Will that be in addition to the buildings and contents insurance I've set up for myself? Or will I just need to provide proof that my part of the building has been insured?

If there is a common buildings insurance policy you should not need your own insurance (you will need contents insurance)

I pay about £30 a month for a cleaner, communal bills and fees. Other charges are added on and are always outrageous. Repairs take an age, as far as I can tell, factoring is just a licence to print money!