Role of a Factor
As your Factors we would like to take this opportunity of explaining our role to you. Within any residential development there exist common areas that are co-owned by all proprietors in the development. These areas may include gardens, parking spaces, lifts, stairways, door entry systems and swimming pools not to mention the actual fabric of the building. Responsibility for the upkeep and maintenance of these areas lies solely with the proprietors who after all are the owners. It is obviously unrealistic however to expect individual proprietors to get involved with such tasks as gardening or stair cleaning. Therefore within the legal document known as the Deed of Conditions the appointment of a Factor to manage these common areas for and on behalf of the proprietors is stipulated as a requirement.
For new developments the Factor must be appointed prior to the completion of the development to ensure that all common areas are ready to be managed as soon as proprietors take up residence. As such the initial appointment of the Factor is done by the Developer. During the construction of a development both Factor and Developer work together combining their areas of expertise. Their primary aims are to ensure the clarity of the Deed of Conditions and that a smooth handover of the management of the development can take place. Success in both these areas allows residents to move in with the minimum of fuss.
Once a development is occupied the Deed of Conditions usually stipulates the formation of an Owners' Association to oversee all matters pertaining to the development and to act as a focused contact point for the Factor. Each year the Association usually calls an Annual General Meeting to discuss the development. At such a meeting the Factor reports on the management of the common areas including the development finances, contract renewals and also brings any recommendations for enhancements to the development.
At Charles White Ltd factoring of developments is part of our core business. Our experience and personal service ensure that the management of any development is carried out effectively and efficiently. While a factoring service is by its nature similar from development to development we seek wherever possible to individually tailor our service to the individual requirements of each unique development.
Understanding the inherent differences and making the necessary adjustments between living in a house and living in a development is key to ensuring that an attractive community living environment can be maintained. At Charles White Ltd we too endeavor to play our part in forging such an environment.
Again we welcome you to your new home and look forward to being of service to you now and in the future.
Edwin A Backler
Charles White Ltd