To find out a wealth of information about common repairs, factors, deeds of conditions, common insurance and related matters PMAS recommends the detailed guide to the management of tenements in Scotland published by Consumer Focus Scotland entitled Common Repair, Common Sense - take this link to the Guide
Meantime here are some Frequently Asked Questions which you may find helpful
FAQ questions 1 - 4
Who are you, do we have to pay for a factor, nobody told me of a factor when I purchased my property?
In terms of the Developers Planning obligations, there is a requirement to make provision for the future care and management of the communal parts of the development. The Deed of Conditions provides for the initial appointment of professional managing agents. You may well have been advised of this burden by your Solicitor, prior to purchase.
What is a deed of conditions?
A legal document outlining your responsibilities/obligations in terms of the title of your property.
What is a float, why do I have to pay this?
In most modern residential developments, in terms of the Deed of Conditions, each owner is required to contribute a float on taking entry to the property. The Factor requires a working fund to ensure efficient payment of generally recurring services. As this fund is constantly utilised there is no refund of interest.
I already have buildings insurance, why do I have to pay the factor?
In terms of the Deed of Conditions, each owner is obliged to contribute to the cost of the Common Buildings Insurance Policy. It is likely that your private insurers will consider a premium refund, once you explain your obligations as a joint owner. There are huge advantages to this as in the event of a major claim i.e. storm, burst pipes, there is only one insurer involved.
