Continue Your Journey with AboveBoard as we guide you through the crucial next steps after a majority vote. From notifying your current factor to onboarding, we’re here to ensure a smooth and seamless transition every step of the way
Transitioning to a New Factor: Key Steps Following a Majority Vote
Once owners have a majority vote to change factor, gather signatures of those who voted as this may be requested by the outgoing factor.
Notify all owners of result of vote.
Inform existing factor via email and recorded mail, notifying them of the intent to terminate the contract as per their Written Statement of Services and details of the new factor, requesting confirmation of the end date.
If you don’t currently have a factor and are appointing one for the first time (e.g. a tenement flat owner), you must give owners a 28-day grace period to appeal the decision before proceeding with appointment. If there are no objections during this time, you can proceed.
Ensure you keep records of all meetings and communications should the decision be disputed.
Your vote may be challenged, or ignored. Owners may need to chase for a response. Ensure you have all relevant documentation as per deeds to avoid delays.
New Factor engages existing factor, to obtain key information regarding development, customers and any sinking funds to be transferred.
This process can take some time and continue after appointment, although the Code of Conduct states the outgoing property factor must co-operate.
A letter of authority from the majority of homeowners to confirm their instructions to the outgoing property factor and listing information they wish to be shared, can be helpful.
Please note the below is AboveBoard Homes (ABH) process, we cannot comment on other factor’s business practices.
Engagement with owners to gather onboarding information.
Confirm service start dates with contractors.
Finalise any insurance policies to ensure in place for start date if required.
Hold Pre-onboarding meeting with Committee to finalise details for Development Schedule.
Set up your development in our systems.
Please note the below is AboveBoard Homes (ABH) process,we cannot comment on other factor’s business practices.
On day of appointment, ABH sends to owners:
Welcome email with Written Statement of Services, Development Schedule, Insurance Policy Paperwork and Onboarding Pack.
Floating Fund invoice and Direct Debit mandate.
Invite to register on Building Portal.
Discover insights and tips in our Starting Out series.
Contact us today to learn how we can help you achieve your goals with our services.
