Property Factoring comes with a lot of responsibility. Our government is responsible to ensure all Property Factors are acting legally and abiding by the standards set out by them. It is our responsibility as Property Factors to ensure we follow this legislation and our Code of Conduct. Lastly, owners must also be aware of their responsibilities set out either in their deeds or in the Tenement Management Scheme with regards to their buildings.
The Act requires Scottish Ministers to prepare and maintain a register of property factors in Scotland and to make it an offence to act as a property factor without being on register. They must prepare a Code of Conduct for Property Factors to follow. It provides for the resolution of disputes between homeowners and property factors.
The Code of Conduct sets out the minimum standards you should expect from your registered Property Factor, to encourage transparency and good business practice. This has recently been updated and effective since 16 August 2021.
This is an Act of the Scottish Parliament which is the main source of the law regulating tenement flats. If there is nothing in your title deeds regarding sharing the cost of repairs or your deeds are unworkable, this is what you need to follow.
This simple infographic guide will help you to change factor.