1 – 70 Vasart Court – Perth back to Case Studies

The development of Vasart Court consists of 69 residential units which were built and sold by Stewart Milne approx 5 years ago on the site of an old glass making factory.

Originally the development was placed with a large Edinburgh based factoring company however after some time G + S were approached by the Residents Committee and asked to present to them an alternative service. In the March of 2011 notice was served on the incumbent factor.  

In the first instance we asked all owners to supply us with a £100 starter float which was to be returned at the end of the first financial year. At this time we also asked for their block insurance payment to cover the coming year. Our broker managed to reduce the payments for the owners substantially.

We also produced a budget which was to reflect the level of service which each property would require.  This resulted in 3 levels of payment, one level for those with a front door onto the development only, one level for those with a front door onto the development and one level for those who have elevators.

Negotiations were carried out with the previous suppliers, some were renegotiated to better prices and some suppliers were let go and new suppliers brought in.As part of our remit we worked closely with the Residents Committee to make sure that they were fully aware of the financial situation and any debtors that are not paying towards the service charge fund.  We also made sure that these debts were pursued diligently and as a result have had a low percentage of overall debtors in the development.

As well as collecting the service charge fund we also collect monies bi-annual to go into the maintenance fund. This amount is to be held for the owners, in order to pay for any works that require to be carried out.

We also produce a newsletter that keeps the owners up to date with what the Residents Committee and Factors are doing. A copy of which along with a letter of Welcome is sent to occupiers when they move into the development.