Factoring Services
Factoring Fees
Each owner pays a charge twice a year in April and October which covers the following:
- The cost of pre-inspecting repairs; ordering the work and the administrative tasks involved in the payment of the invoice.
- The inspection of common areas in order to identify work that needs done.
- The interest lost from paying for repairs on behalf of factored owners.
- The administration involved in organising insurance cover for factored owners.
- The organising, supervision and administration of large contracts such as landscape maintenance and painterwork contracts.
- The issuing of invoices to owners and any queries which arise from this.
- The staff resources involved in dealing with Estate Management issues e.g. neighbour disputes; liaising with other Agencies.
- The involvement of staff dealing with other 'adhoc' queries.
Deposits
Each new owner requires to pay a deposit of £50 because we have to deal with repairs and pay for them before sending you the invoice.
Building Insurance
Property owners must take out Glen Oaks Buildings Insurance unless you can provide us with a copy of your own Buildings Insurance Policy. Glen Oaks have arranged a block Buildings Policy at a very competitive rate. The cost of this policy is currently £36 per annum per flat or house. We will invoice you £18 twice a year unless we have a copy of your current Buildings Insurance Policy.
Invoices
Glen Oaks Housing Association issues two six-monthly Factoring Invoices which may include:
- Factoring Management Fee
- Rechargeable Common Repairs
- Recurring Service Charges (garden maintenance, bulk uplift, close cleaning, stair lighting maintenance and electricity charges)
- Buildings Insurance
- Landscape Maintenance
- Cyclical Maintenance
This invoice should be paid within 14 days of receipt.
Paying your Factoring Account
Most owners pay our factoring invoices when they fall due or by monthly instalments. There are different ways you can pay your factoring bills:
- At a PayPoint outlet using an Allpay factoring payment card
- At a Post Office using an Allpay factoring payment card
- Payment in our office by Debit Card, Credit Card or Cheque
- By Direct Debit which can be set up by contacting the office
Please note we do not accept cash payments at our office
We send out two reminder letters to owners who have still to pay their latest bill. Unless you pay by regular monthly instalments, if payment of the factoring bill has still not been made, our policy is to use a debt collection agency and legal action to recover the outstanding debt. You may be charged any costs associated with using a third party to recover the debt.
Selling your property
You should inform us when you are selling your property as the new owners will be required to use our factoring service. This will also enable us to apportion common charges due at the date of sale between yourself and the new owner and, at this point, your factoring deposit of £50 will be returned (if applicable). You should ask your Solicitor to deal with this with you.
Letting your property
If you let out your property you will still have to pay the charges and you should let us have details of who is staying in the property. We will also require your forwarding address for any communication the Association may have with you.
Consent
You must obtain Glen Oaks Housing Association's consent if you intend to carry out major alterations to your home - i.e. external alterations such as porch, garage, extension and internal alterations such as removal of structural walls, installation of double glazing.
