Review of Factoring Written Statement

The Association reviewed our Written Statement, which is a service level agreement between the housing association and owner. This review took into account the draft Code of Conduct of Property Factors published by the Scottish Government.   The final version of this guidance is now in place and the Association sought legal advice to ensure that we complied with best practice.

Our solicitor recommended several minor changes to the format of our written statement, which includes introducing a schedule appendix that is relevant to each particular property and includes, the address, common areas, how the association became the factor, core services, the share of costs, management fee, sinking fund if the Association has any other interest in the property in the close/estate & building insurance.

Other minor changes included updating our debt management procedures, increasing the fee for change of ownership, and using digital information to record voting intentions for factored owners.

A link to the updated version of the written statement can be found at https://elderpark.org/wp-content/uploads/2022/07/Factoring-Written-Statement-of-Services.pdf