Selling Your Property

When you sell your property, your solicitor should let us know, in writing, with as much notice as possible – ideally at least 10 working days before the sale. A standard “letter to factor” will be sent to us which includes requests for information on the following:

Annual factoring charges
Estimates charges to the sale date
Float refundable/payable
Common Insurance Policy details
Details of known repairs, defects or maintenance issues affecting the property
Cyclical Maintenance Fund obligations
Outstanding debt due by the seller
The existence of any Notice of Potential Liability (NOPL) registered against the property
A request for factoring charges to be apportioned

The letter will also confirm:

The agreed Date of Entry
The Purchaser’s Name
The Purchaser’s Solicitor
Solicitor or homeowner address for the final accounting

FAQS

Our team will be pleased to answer any questions you might have on this topic and here are some FAQs in the meantime:

WHEN WILL I RECEIVE MY FINAL BILL?

Generally, to ensure all invoices for works and services carried out while you owned the property are accounted for, your final common charge invoice is likely to be issued during the second quarter after your sale date.

Any float paid to us when purchasing your property will be reimbursed to you, however any contributions into a sinking fund are non-refundable upon a property sale as these stay with the fund for future maintenance and repair of the property. This should be considered an asset when selling your property and we will be happy, on request, to provide a statement showing the balance of the sinking fund.

SHOULD I CANCEL MY DIRECT DEBIT?

It is your responsibility to cancel your direct debit but we ask that you ensure any outstanding balances are paid in full before doing so, and that arrangements have been made for the settlement of any final accounts to be issued to you.

WHY DO YOU CHARGE AN ADMINISTRATION FEE WHEN I SELL MY PROPERTY?

As stated in our Terms of Service and Delivery Standards, we provide to you a number of services within our Core Services and these are covered by your annual management fee. There is additional administration surrounding a property sale which is not covered within our Core Services and we therefore charge an additional fee to cover carrying this out.

WHAT IS A NOTICE OF POTENTIAL LIABILITY (NOPL)?

A Notice of Potential Liability for costs may be registered or recorded against a property per section 10(2A) of the Title Conditions (Scotland) Act 2003 or section 12(3) of the Tenements (Scotland) Act 2004.

This means that incoming owners of a property may be liable for outstanding costs relating to certain work carried out on the property. This Notice is in effect over the property for 3 years.

If the debt is paid within the 3 year period, it is possible for the NOPL to be discharged and your solicitor will be able to help you with this process.