| Comment | I wouldn’t buy a non factored property.
We bought our flat with a factor - who have been okay, you will still need to chase them to get works completed but they have a phone number and an office. If you self factor you are very reliant on current and future owners (include absentee landlords) being reasonable and that is certainly not guaranteed.
Another issue that will crop up is what individuals deem to be important. For me it is reasonable to maintain and take preventative action - like painting the front door, removing trees close to property etc. I’ve found other owners don’t have the same codes of preventing costs and are reluctant to pay when issues spiral into more expensive repairs or replacement.
Owners will always be an issue but if you have a factor they take some of the work (like insuring adequate insurance) and can put pressure on non payment. Although this is of course a service and they earn a cut.
Another thing is the difference between factors - our friends property is factored by H&P an their service is hopeless and much more expensive. |
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