SCOTTISH property factors will be asked to consider introducing a communal fund to cover maintenance costs in shared facilities at a conference in Glasgow today.
The call has come from Timothy Lovat, president of the Property Managers Association Scotland, who says factors can find it difficult to gather funds from owners to pay for such repairs.
Mr Lovat said: “One of the methods of funding proper maintenance is the setting up of a ‘sinking fund’ which is a practice currently common in England. It requires property owners who share common facilities to pay a monthly sum into a kitty which is kept for a rainy day.
“It means that when the time comes for major repairs there is cash readily available to pay for them."
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