I have just recently purchased my property, why have I been asked to pay for a float?

The float is determined as per the conditions set out within the legally defined title deed and states that all homeowners must pay a float directly to the Property Factor. The float is similar to a deposit and will automatically be reimbursed to you within the final invoice in the event you sell your home at a later date (offset against any outstanding debt). The float is intended to meet costs incurred for the repairs and maintenance of the property e.g. weekly stair cleaning, ground maintenance and minor jobbing repairs and will be replenished when you make your payment to your common charge account.