In most circumstances, a factoring service can be brought to an end either by the owners of the factored properties or by the factor.
Appointing Southside Factoring & Related Services (SFARS)
If you are interesting in appointing SFARS as a Factor, please contact us for more information on the services we provide.
Southside Factoring & Related Services
135 Fifty Pitches Road
Glasgow G51 4EB
Tel: 0141 422 1112
Decision by Owners
If you want to change your factor, for most customers it is a straight forward process. You should refer to your title deeds, as it is likely that they contain information on the process. In many cases, a new factor can be arranged by the agreement of a majority of the owners within a block.
A meeting with the other owners should be arranged, in accordance with any provisions contained within your title deeds. The minimum number of owners who must attend and /or vote in order for a decision to be made may be stated in the Deed of Conditions which forms part of your title deeds.
If an appropriate majority of owners vote to end the contract, then at least 28 days’ notice must be given in writing to SFARS. This is to ensure that SFARS has sufficient time to issue final accounts to owners. It also gives SFARS time to cancel the buildings insurance and it will give your new factor time to arrange new insurance. It is very important that your building remains insured.
Decision by SFARS
If SFARS intends to stop acting as your factor and plan to bring your property management service to an end, SFARS will write to you and other affected owners within the building. You should read the letter carefully, as it will explain what is happening and it will contain important information about the process.
You will be given 28 days notice, which will enable owners or the new factor to arrange alternative buildings insurance. You may wish to refer to your title deeds and check whether they contain any useful information, for example anything which explains what you or your owners should do to arrange the appointment of a new factor.