What are the factors responsible for?
As factors PMC Management & Lettings are responsible for the provision of all services applicable to the common areas of the development on behalf of all owners. If you are purchasing from a developer the sales adviser will show you on the development plan which areas will be in common ownership.
Why do I need a factor?
The Deed of Conditions and the planning consent require that the common amenity areas are cared for and maintained. This requires management of contractors and the provision of financial management services to efficiently arrange and apportion all service costs and charges. The most effective way to achieve this is by the appointment of a Property Management Company.
How much will it cost?
If you are purchasing a new property the sales advisor will provide an estimate of the initial costs. This will be confirmed by PMC Management & Lettings in the new property ‘Welcome Pack’ which you will receive immediately upon moving in to your new home. If you have bought an existing property the current budget will be sent together with other information in our new customer information pack.
Will I have to pay additional sums?
The estimated cost schedule shall forecast the anticipated service charge expenditure for the development. However, if there is a major expense which exceeds the budget set, we will write and advise you of this well in advance. Our property management fees are fixed until the next budget review. Budgets for developments are usually reviewed annually.
How do I pay my factor’s charges?
The simplest and least expensive way is by a bank monthly Direct Debit. A Direct Debit Mandate shall be provided prior to your moving in. Please complete the form and return it to our Head Office or to the Sales Office Advisor together with our Customer Information Form. Alternatively, we welcome payments of twelve months charges in advance via cheque or credit/debit card.
How often will I be informed of costs incurred for the development?
You will receive a quarterly statement of expenditure and income to your account.
Why have I had to pay a Factors Float/Deposit?
This is a security for PMC Management & Lettings against non-payment of our charges. It is also a protection for you as the Deed of Conditions often make all proprietors jointly and severally liable for all accrued and unpaid intromissions by the factor.
Will I get my deposit back?
Yes, when you sell your property your account will be reconciled, all charges and payments to account will be matched. Usually the balance or the full amount will be refunded to you after the initial deposit has been paid by the new Proprietor of the property as per the Deed of Conditions, although some Deed of Conditions specify that the new owner should pay the deposit directly to the vendor. You will be advised if that applies to your property sale.
What other responsibilities do I have?
It is a requirement that you inform PMC Management & Lettings of your impending house sale thirty days before the transfer date. You are further required to advise us of the identity of the new owner and inform the prospective purchaser that the development is a managed property and that a factors deposit/float is payable upon entry.
How do I complain?
PMC Management & Lettings has a complaints procedure that may be downloaded from our website: www.pmcproperty.com. You may request a copy by emailing firstname.lastname@example.org.
How do I change factors?
The Deed of Conditions for your development has a section that details the process required to change the factor for a development. Our terms and conditions of business also provide information on how to terminate the property management appointment and the notice period required.
What is included in the ‘factors fee’?
Each development has its own specific services. For more information on your development please see the ‘Written Statement of Service’ document contained in the sales information pack for your specific development. For new developer properties the marketing pack contains an estimated cost schedule.
How may I influence decisions on my development?
The Deed of Conditions usually details how decisions are made and the numbers of owners required, ensuring that decisions are valid and binding. The best way is for owners to form an active association preferably with a mandate to represent the community. PMC support owners’ committees and willingly work them for the common good of the development.
What if my neighbours don’t pay their share?
Some Deed of Conditions do have a distribution of debt clause. You will be advised regularly if there is any irrecoverable bad debt. The Property Management Company has a robust credit control policy and works diligently to minimise owners’ exposure to bad debt. This includes the use of Notices of Potential Liabilities recorded at the Land & Buildings Registry and information shared with Credit Reference Agencies.