What do 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 £132.24 per property,  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.   

REVIEW OF MANAGEMENT FEE 2024/25

The current Retail Price Index is 8.9%.  Taking into account, however,  the current economic climate, to minimise the increase to factored owners Fyne Homes have this year made the decision to increase next year’s management fee by 6.3% being September 2023 CPIH (Consumer Prince Index including owner occupiers’ costs)

As of 1st April, 2024 our annual factoring management fee will, therefore, increase to £140.56.

As at present, it 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.

Should you have any queries regarding this matter, please do not hesitate to contact our Technical Services Department at our Rothesay office on 0345 607 7117, or e-mail techservices@fynehomes.co.uk

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