lpm Doing it the right way

A large part of the Life Property Management portfolio is made up of new developments that have been awarded to lpm by developers, for Property Management Services.

Prior to a development being constructed, Property Management firms like lpm are approached by developers to prepare a Tender for the provision of Property Management Services.

Developments can range from open space houses to flatted developments or, a mixed development comprising both flats and houses. The appropriate development drawings and specifications are normally provided to allow tendering firms to prepare and present accurate pricing within their Tender submission.  

In preparation of the Tender, lpm work with preferred and trusted suppliers to ensure accurate pricing is obtained in order to establish the overall factoring costs for the required services. This process is crucial to ensure homeowners are aware of the property management services and associated costs they are responsible for contributing to.  

Following award of a contract, lpm actively liaise with the developer Client to ensure that we are involved from the construction stage and throughout the build process. This enables us to assist the developer in technical specification matters and our involvement from the earliest stages ensures future maintenance costs are kept to a minimum.

In addition, as part of our provision of service to our developer Clients, we offer specific training to ensure their Sales & Customer Care representatives are fully conversant with communal factoring arrangements, to make sure potential homeowners are fully aware of their legal obligations when purchasing a property.

Finally, once we have taken handover of a development or an individual phase within a development, lpm work directly with the developer’s Customer Care teams to highlight and resolve any communal defects.

Prompt attention must be given to ensure that any communal defects are dealt with within the warranty period, thus avoiding any liability of additional maintenance charges to homeowners. 

In the past, lpm have been approached by new homeowners, who are of the understanding that a factoring float will cover the cost of the full factoring service. Although this is a common misconception, this is not the case.  

To understand their legal obligations, homeowners should always refer to their Title Deeds which include information on how costs are apportioned and invoiced.

lpm Doing it the right way

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Registered Name: Life Property Management Ltd. Registered in Scotland SC253869. VAT Reg No 827 5010 46. Property Factor Reg No PF000203. Registered Office: 11 Somerset Place, Glasgow G3 7JT.