Property factors billing problem
Discussion
We recently moved from a flat to a house (beginning of feb)
The flat was factored and we received bills whilst in residence on a roughly 6 monthly basis. In addition when we initially moved in we paid a £200 'float' up front.
Due to the way the billing works - in advance - each bill had a relative amount of guesswork built in and was really an estimate for predicted maintenance over the period based on previous bills.
Over the years as we paid it we effectively built up some credit as we have ended up overpaying for the actual work carried out.
We were verbally told when we informed the flats factors we were moving out that we were ~£300 in credit and then the £200 float on top. This would be after applying the outstanding amounts due for work carried out up to our February move out date.
As their next billing cycle isn't until the end of May we were told we would have to wait until then for our credit to be processed and issued.
At the time we let it go as we had our plate full with moving, but now we're looking at the £500 and thinking it would be very useful to have it in our hands sooner rather than later. They insist there is nothing to be done until their system generates the next bill and figures it all out.
Is this correct? It seems unlikely - especially as when moving in they're quick to take money off you straight away with no regard to any billing cycle. The cynic in me suggests they're pulling a fast one to maximise their use of our money. Sadly this is backed up with the bad taste from previous dealings with them. In short we're well glad to be rid of them.
We're going to give CAB a bell tomorrow but if anyone can set me straight here it would be appreciated!
The flat was factored and we received bills whilst in residence on a roughly 6 monthly basis. In addition when we initially moved in we paid a £200 'float' up front.
Due to the way the billing works - in advance - each bill had a relative amount of guesswork built in and was really an estimate for predicted maintenance over the period based on previous bills.
Over the years as we paid it we effectively built up some credit as we have ended up overpaying for the actual work carried out.
We were verbally told when we informed the flats factors we were moving out that we were ~£300 in credit and then the £200 float on top. This would be after applying the outstanding amounts due for work carried out up to our February move out date.
As their next billing cycle isn't until the end of May we were told we would have to wait until then for our credit to be processed and issued.
At the time we let it go as we had our plate full with moving, but now we're looking at the £500 and thinking it would be very useful to have it in our hands sooner rather than later. They insist there is nothing to be done until their system generates the next bill and figures it all out.
Is this correct? It seems unlikely - especially as when moving in they're quick to take money off you straight away with no regard to any billing cycle. The cynic in me suggests they're pulling a fast one to maximise their use of our money. Sadly this is backed up with the bad taste from previous dealings with them. In short we're well glad to be rid of them.
We're going to give CAB a bell tomorrow but if anyone can set me straight here it would be appreciated!
If anyone cares, CAB advised us that we could not claim the float back before their billing term - but we were within our rights to claim back our overpayments immediately.
Relaying this to the factors instantly had them promising to cut us a cheque for our overpayment amount - with the float to follow as already described.
So a few hundred quid up this month which is a bonus. Presuming we see the cheque anytime soon...
Looks like my cynicism was warranted. Again.
Relaying this to the factors instantly had them promising to cut us a cheque for our overpayment amount - with the float to follow as already described.
So a few hundred quid up this month which is a bonus. Presuming we see the cheque anytime soon...
Looks like my cynicism was warranted. Again.
Sorry but you are talking Scottish and i only do English and Welsh.
That said down here this would usually be dealt with by the solicitors as part of the Apportionments on completion with the benefit of any credit in the sinking fund being assigned to the Assignee on completion and the Assignor receiving it's cash value together with the Purchase Price.
I say usually as there are a number of different ways these Sinking Funds are dealt with and it all rests on the documents and how these are held as to what options are open to you.
Sounds like you are on top of it all now though.
That said down here this would usually be dealt with by the solicitors as part of the Apportionments on completion with the benefit of any credit in the sinking fund being assigned to the Assignee on completion and the Assignor receiving it's cash value together with the Purchase Price.
I say usually as there are a number of different ways these Sinking Funds are dealt with and it all rests on the documents and how these are held as to what options are open to you.
Sounds like you are on top of it all now though.
Thanks - our solicitors only seemed to go as far as (when purchasing) ensuring the factors were informed of our details and that we had paid any relevant sums up front.
We didn't have any action from the solicitors end regarding cleaning up the 'old' factors during the sale. We had to do it ourselves.
Perhaps this is something that should have been done and we missed a trick in not pressing our solicitor to sort it all out!
We didn't have any action from the solicitors end regarding cleaning up the 'old' factors during the sale. We had to do it ourselves.
Perhaps this is something that should have been done and we missed a trick in not pressing our solicitor to sort it all out!
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