We have issued termination of our factoring agreement, when will I receive my Float back?

We are sorry to learn that you are leaving R+L.

We will arrange to undertake a final accounting for the development within 3 months of the date of termination in accordance with the terms of the Property Factors (Scotland) Act 2011.

As detailed within our Written Statement of Services, where a float is held by us, the float will automatically be credited to your final common charge account.  We are unable to transfer floats to your new Factor.

Once we have accepted termination, we will write to all owners, acknowledging termination and providing key information. As part of our communication, we will request full payment of all balances due by homeowners within 14 days . We appreciate that many owners pay by Direct Debit, which allows them to spread the cost of charges over the year. However, as our appointment is coming to an end, installments are no longer available, and your balance requires to be paid in full, within 14 days. Charges overdue beyond this 14 days will be considered as development debt and may be spread amongst remaining owners via the final account, in accordance with provisions detailed in the Deed of Conditions, or Tenement (Scotland) Act 2004.

Payment of all outstanding balances are required within 14 days. This balance should not be withheld, pending reimbursement of float or insurance return premium (where applicable), which will be processed in our final accounting.