Pre-handover Requirements for Factoring

At the stage lpm are approached to consider taking handover of a new development from either a Developer or Residents Association Client, there are strict internal processes to which we must adhere, prior to acceptance.

lpm must ensure that we have the appropriate supporting documentation to allow us to effectively manage the development, which includes the Deed of Conditions, the legally binding document that both lpm and homeowners must adhere to. 

We also require a signed ‘Contract Terms and Conditions’ from the developer, which includes the finer details of how services are to be managed within the development. Information such as communal drawings, homeowner details, Health and Safety Certification and factoring floats, where applicable are also required and are essential prior to lpm being able to effectively commence the management of the development.

Prior to handover, our Business Development representatives will regularly visit the development to assess the conditions, particularly when construction works are nearing completion.  They will ensure that handover only takes place when areas are ready for maintenance. In 2017 the main reason preventing handover was communal landscaping areas not being properly finished.

lpm will not accept handover of sub-standard work as by doing this, we expose ourselves and our clients to potential charges should we need to rectify any defective maintenance issues. 

More information on Pre-handover Requirements for Factoring 

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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.