Frequently Asked Questions about Property Management

What are the factors responsible for?

As factors The Property Management Company (Aberdeen) Ltd are responsible for the provision of all services applicable to the common areas of the development on behalf of all owners.

Why do I need a factor?

Many will ask why do I need Property Management but the Deeds of Conditions and the planning consent require that the common amenity areas are cared for and maintained. This requires management of contractors and the management of financial management services to efficiently apportion all service costs and charges. The most effective way to achieve is by means of the appointment a property and facilities management company.

How much will it cost?

Annually in advance The Property Management Company issues a budget based on recent historical expenditures for each specific development. Or your sales advisor will furnish you with a projected figure for the factoring service, which shall then be confirmed by The Property Management Co (Aberdeen) Ltd, in the “Welcome Pack” which you will receive immediately prior to moving in to your new home.

Will I have to pay additional sums?

The estimated cost schedule shall forecast the anticipated expenditure for the development. However, if there is a major expense that 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.

How do I pay my factor’s charges?

The simplest way is by a bank monthly Direct Debit.  A Direct Debit mandate form is sent each year to those owners not currently paying by Direct Debit. Please complete the form and return it to our Head Office. Alternatively we welcome payments of twelve months charges in advance via cheque or credit/debit card.

How often will I be informed of costs for the development?

You will receive an quarterly statement of account which will detail expenditure against income and an annual estimate for the forthcoming year.

Why have I had to pay a Factors Float/Deposit?

This is a security for The Property Management Company (Aberdeen) Ltd against non payment of our charges. It is also a protection for you as many of the Deeds of Conditions make all proprietors jointly and severally liable for all accrued and unpaid intromissions by the factor.

Will I get my deposit back?

When you sell your property your account will be reconciled, all charges and payments to account will be matched and the balance or the full amount will be refunded to you, unless the Deed of Conditions instruct differently.

What other responsibilities do I have?

It is a requirement that you inform The Property Management Company (Aberdeen) Ltd 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.

Accreditations

  • PMAS
  • IRPM
  • RICS
  • Homes For Scotland
  • ARLA