Managing agent casts doubt over new Factors Act

A new piece of legislation for managing agents has missed a ‘golden opportunity’ according to one of Scotland’s largest factors. Launched today, the Property Factors (Scotland) Act 2011 has been welcomed by Peverel Scotland as a move in the right direction, but criticised for ‘not going far enough’.

The Act sets out a minimum set of standards for managing agents to comply with and means they must register with the Scottish Parliament to continue trading. But Peverel Scotland believes real reform may still be some way off.

Keith Murray, Peverel Scotland Property Director, said: “While any attempts to bring factors into a transparent, accountable and enforceable framework are to be commended, the Act may not go far enough to protect residents from some of the pitfalls they could face. This was a golden opportunity to bring our codes of practice in line with some of the more stringent regulations required elsewhere in the UK and up to the standards recommended by governing bodies including the Royal Institute of Chartered Surveyors (RICS).

Peverel Scotland has suggested residents follow a checklist when looking to appoint or verify a factor:

·         Always make sure an Estate Manager is on hand to speedily resolve issues and help carry out general site maintenance