If you and your neighbours have decided to change property factor, you may be wondering what happens next. Who takes over the outstanding repairs? What happens to money held by the old factor? And who should you contact during the changeover?
A property factor handover brings together the information and arrangements the new factor needs to start managing your building or development. This includes confirming dates, reviewing ongoing work and making sure homeowners know who to contact.
With clear communication and preparation, the process can feel much more manageable.
Agreeing When the New Factor Takes Over
Before the handover begins, the outgoing factor’s appointment needs to be ended correctly and the incoming factor properly appointed. The process depends on the title deeds and the arrangements that apply to your property.
If you are still at that stage, understanding how to change property factor is the starting point.
Once the appointments are settled, ask for written confirmation of when the old service ends and the new one begins. Homeowners should also know who to contact about repairs during the transition, including any emergency arrangements that form part of the service.
A leaking roof or broken communal door cannot always wait until the paperwork is finished.
Passing On Information About the Building
The new factor needs to understand the property, its maintenance history and any issues that remain unresolved.
Useful handover information may include repair reports, contractor details, service contracts, insurance documents and records of work that owners have already approved. Access arrangements also matter, particularly where contractors need keys or entry codes for shared areas.
For homeowner-owned property and land, the Scottish Property Factor Code of Conduct requires the Written Statement of Services to explain how the factor will cooperate with a replacement factor during a handover. It should also explain what information may be shared, subject to data protection requirements. A letter confirming the owners’ authority may be needed.
Owners can help by highlighting anything important that might otherwise be missed, such as a recurring leak or a repair that has been discussed but never arranged.
What Happens to Outstanding Repairs?
Changing factor does not make an unfinished repair disappear. It needs to be identified and its next steps agreed.
For example, owners may already have approved gutter repairs, paid a contribution towards roof work or received a quotation that has not yet been accepted. These are different situations, so the new factor needs a clear picture of each one.
Ask whether a contractor has been instructed, whether money has been collected and who will follow up with homeowners. Existing contracts also need to be reviewed before anyone assumes they can simply be cancelled or replaced.
This helps prevent work from being overlooked or ordered twice.
Checking Insurance and Regular Services
Where buildings insurance is arranged through the factor, ask how cover will be maintained through the changeover. Confirm the relevant dates and who will deal with any existing claim.
Do not assume that changing factor automatically changes the insurance policy.
The same practical check applies to regular services such as stair cleaning, grounds maintenance and lift servicing. These will all be outlined within the Statement of Services provided by the current factor. Homeowners should understand which arrangements will continue and whether any changes are planned.
The aim is to keep necessary services running while the new factor reviews what the development needs.
Final Bills, Floats and Money Held
It is understandable to want a clear financial ending with your previous factor.
Under the Scottish Property Factor Code of Conduct, the outgoing factor must make the financial information relating to homeowners’ accounts available within three months of termination, unless there is a good reason for a delay. Waiting for final contractor bills is one example.
Unless the title deeds say otherwise, funds due to homeowners must be returned automatically when the final bill is settled, after outstanding debts have been deducted.
If your account includes a factor float, ask how it will be accounted for and whether the incoming factor requires a separate payment. Do not assume the balance will transfer directly between companies.
Check final statements carefully and raise any unexplained charges with the outgoing factor.
Getting Started With Your New Factor
Homeowners should receive clear information about the new service, including contact details, fees, payment arrangements and how to report repairs.
The information your property factor should provide should help you understand what is included and what to expect.
This is also a useful time to explain your building’s priorities. Perhaps repairs have been slow to progress, communication has been difficult or shared areas need more consistent attention.
At Homesbook, each development has a dedicated property manager. Having a clear point of contact helps homeowners discuss these concerns and gives the manager an opportunity to build knowledge of the property.
A Clear Start With Homesbook
A well-organised handover helps your new factor understand the building and gives homeowners confidence about what happens next.
Homesbook supports homeowners across Glasgow, Edinburgh and Central Scotland with practical property factoring advice. If you are considering a change, speak to the Homesbook team about your development and the next steps.
