The Association will send owners a bill on a quarterly basis for costs incurred for providing a factoring service.
It is only the incurred cost of carrying out those services which are recharged to owners. Owners are charged their share of the actual costs of the work. Elderpark does not make any profit from the Factoring service.
Owners will receive their factoring invoice every quarter for the previous 3 months. The invoice will include:
The Management Fee (this represents the cost of administrating and carrying out the property management duties detailed in your deed of conditions and written statement of our services. It is reviewed annually to ensure that it covers the cost of providing these services. If we propose any increase in the future greater than the retail price index we will consult owners and notify you in advance of the increase being applied.)
- Buildings Insurance (owners are responsible for their own contents insurance)
- Common Charges (their share of the cost of services/repairs/maintenance)
Full payment of the invoice is due within 14 days of receipt.
Invoices and Payment Cycles
Invoices will be sent to owners within 4 weeks of the period ends as follows:
Period End Invoices sent by
- 31st December will be issued by 31st January
- 31st March will be issued by 30th April
- 30th June will be issued by 31st July
- 30th September will be issued by 31st October