Charging Policies

Repair Float

When your factoring arrangement with Yorkhill Housing Association Ltd begins, you are charged a one-off payment that is used as a float. This provides a cash fund for the Association to contribute to the costs of common repairs that will require payment between invoicing periods.

If you sell your property or change your factor the deposit is refunded in full unless there is a balance outstanding on your final account, in which case the cash would be used to offset or clear any money owed to the Association.

Factoring Accounts

Paper invoices are issued to owners twice yearly, normally in May and November.  We can provide electronic invoices on request if owners prefer. We expect payment within fourteen days.

If you sell your property between times you will receive a final invoice at the time of sale with appropriate adjustments to take account of charges and costs to date. If you buy your property between times your first invoice will display charges and costs incurred since the date of purchase.

We review the fee levels no more than once a year. All owners receive core services.

Your factoring invoice will normally include:

Management Fee

The Management Fee is used to cover the cost of providing the core service  . When we calculate the cost of running the Factoring service we include common services to our own properties.  The service is therefore funded partly by rental income and partly from owners’ fees. The annual fee is divided between the two invoices.

Common Repairs and  Additional Services

All repair and contract costs are divided according to the Deed of Conditions apportionment basis. The Association pays tenants’ shares from rental income and recovers the balance from owners receiving the service.  For ongoing services such as stair cleaning, annual costs will be divided between the two invoicing periods. For individual reactive, planned and major repairs the costs will normally be included  on the first invoice following completion of the works.   

Insurance Premium

The Association pays the full cost of the annual block policy in April. Your share of the premium will be included on the May invoice.

The following services are normally charged on a ‘pay as you use’ basis:

Information Requests

If you require duplicate factoring bills or other documents relating to your factoring service, we will charge you to cover our additional staff time, stationery and photocopying costs. Normally, payment will be requested prior to issue of any documentation.

Contractors’ Invoices and Project Management Fees

Your factoring account will itemise individual common repairs showing the date and nature of repair or service provision and your share of the total cost. We do not provide copies of contractors’ invoices with the factoring bill but they are always available for owners to inspect in the office for a period of twenty eight days after the account has been issued.  There is no charge for inspecting the invoices.  We can supply paper copies of contractors’ invoices on request for a small charge.  

Individual Project Participation

Where the Association can invite owners to participate in individual projects we will contact owners direct with clear information on proposed works and payment methodologies. No work will be instructed on an owner’s behalf without prior signed consent from the owner.

Administration Charges – Change of Ownership

When a property is sold, the Association as factor incurs additional administration costs. Correspondence and liaison with the legal representatives of purchaser and seller are given priority as there are usually time restraints on the sale.

A standard administration fee is charged for this service. The fee level is normally reviewed annually.  

Legal Costs

If you allow your factoring account to fall into arrears and do not contact us to discuss the situation, we will take legal action to recover the debt.

Legal proceedings are costly, and the Association will recharge you for some of the expenses incurred in the recovery process. This adds to the original debt and therefore it is in your best interest to avoid reaching the legal action stage.

We will reclaim the following costs:

• Solicitor’s letter
• Sherrif Officer’s services
• Court expenses

In accordance with the terms of the Deed of Conditions, we will also add interest to the sum we are seeking to recover through court action.