Communal Maintenance Responsiblity
A significant proportion of the Life Property Management property portfolio involves new build property developments and at lpm we begin this factoring journey with the developer and the new home purchasers at an early stage.
Based on our experience, we know that factoring of a new build development is usually only considered by purchasers as and when the developer’s ‘Welcome Information Pack’ is delivered.
Early information and understanding
At lpm, we take a different approach as part of our ‘pre-handover’ responsibility, in that we actively engage with our developer clients to ensure all important and relevant factoring information is discussed with prospective purchasers, from the earliest stage of the process. This information generally includes estimated factoring costs as well as important factors pertaining to the development, including the common parts.
lpm actively encourage developer Sales Staff to urge prospective purchasers to thoroughly read their Title Deeds at the earliest possible juncture, to gain a full understanding of their financial obligations for common parts throughout the development.
Every development is different and each comes with future varied maintenance requirements, which become the co-proprietors responsibility.
Developers normally advise factoring companies on specific maintenance requirements and ensuring this detail is as accurate as possible, is crucial.
To make certain that post-construction maintenance requirements are considered and that factoring charges are kept as low as possible, lpm work with various external parties including Architects, Solicitors and Quantity Surveyors etc.