Property Factoring - What we do!
To ensure that its investment is protected the Association will act as common factor for properties in common ownership where the Association is the majority owner and will consider offering factoring services in properties where the Association has a minority ownership or in new developments where we are named as such in the Deed of Conditions.
The Association’s operation of the factoring services reflects the Property Factors (Scotland) Act 2011 and the Code of Conduct of the Act. The Association is a Registered Property Factor – Registration No PF000155.
- As factor Fyne Homes provides a service covering:
- Property Insurance
- Common Repairs
- Cyclical Maintenance/Planned Maintenance Works
- Services
- Management
- Administration
Fyne Homes will offer a factoring service to the following clients:
- Owners living in tenemental properties where the Association owns property
- Owners living in a project where the Association has a major investment and satisfactory Deeds of Conditions are in place
- Shared owners in Shared Ownership or Shared Equity properties
Property Factoring Charges
The Factoring Management Fee, currently £140.56 per property, it is charged for carrying out our function of providing the core services including those services listed within our Written Statement of Factoring Services. Our Written Statement states that this charge will be reviewed on an annual basis and increased based on the retail price index in September each year.
Our Factoring Management Fee will be billed in two payments, each being £70.28 which will be included in the half year factoring accounts to be issued for the periods ending 30th September, 2024 and 31st March 2025.
Management Fee Increase 2025/2026
Our Written Statement of Services states that this charge will be reviewed on an annual basis and may be increased based on the Retail Price Index in September each year.
The current Retail Price Index is 2.7%. As of 1st April, 2025 our annual factoring management fee will, therefore, increase to £144.36.
As at present, it will be billed in two payments, each being £72.18 which will be included in the half year factoring accounts to be issued for the periods ending 30th September, 2025 and 31st March 2026.
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