Factoring

In the last two years, DGHP has set up a new Factoring service. The aim of the service is to “provide a simple, cost effective way of obtaining agreement for, and organising common repairs, working with our tenants and other owners/ residents, to ensure that multi-tenure blocks are well maintained”.

What is a factor?

A factor is a person, or an organisation (DGHP in this case), who manages the common parts of a property on behalf of the owners. The factor acts on behalf of owners to keep the property in a good state of repair and to apportion costs for common repairs or other works. The common parts of a property include the building structure, roof, close, communal stairway and backcourt.

Our Factoring Service provides:

• A staff team dedicated to working for the benefit of owners and residents in the management and maintenance of common areas.
• A responsive maintenance service for minor repairs up to an agreed value.
• A grounds maintenance service for common gardens.
• Lighting in communal stairways.
• A 24hrs a day/7 days a week emergency repairs phone line.
• Regular inspections of common areas including stairways, roofs, gardens.
• Pay contractors and collect owners share of the costs.
• The opportunity for DGHP to co-ordinate major maintenance works and improvements on behalf of owners including identifying available grant funding.

There is an annual management fee of £78.50 that pays for the Factoring service and administration of the service including:

• Research Titles and Deeds of Condition
• Consultation with owners
• Regular inspection of the communal areas
• Creation of a 5-year maintenance plan
• Issuing invoices for charges
• Tendering and obtaining estimates
• Instructing works
• Maintaining accurate records
• Pursuing bad debts