Selling your C~urb Factored Property

C~urb Factoring need to know when you are selling your home at least 2 weeks before the proposed date of sale. Your solicitor will require details from us on the service provided and any balance due.   

What information does C~urb Factoring require to process the sale of my property?

Please email the details to factoredownership@curb.scot and advise of: 

• Sale / transfer of ownership date  

• Forwarding address (for final invoice etc.) 

  • Any updated contact details  

• Details of your solicitors  

  • New owner details 

It is essential for the seller to contact us through their solicitor. We are happy to provide information to owners on request, however, to prevent duplication of communication we would request your solicitor is the main contact.  

I am an executor for the estate - what do I need to do?

As the executor we will treat you as the owner of the property.  We are aware this is a difficult time and to reduce any additional work we would engage with your solicitor involved with sale of property. We will need written confirmation of the owner's death and that you are the executor. The details on our system will be updated to allow us to issue communication requested.  

We will deal directly with your solicitor as per any sale to ensure we provide all details required and meet the deadlines required. The factoring recharges will continue to be applied to the account up to the point of sale and will be due by the estate.  

Why does Curb factoring need to be involved in the sale of my property?

Curb Factoring has a duty to liaise with the seller’s solicitor. We are normally requested to make the solicitor aware of the following:  

• any debt on the seller’s account and if a retention figure is to be held by the solicitor to settle any outstanding balance  

• any Notice of Potential Liability (NOPL) on the property  

• any major works planned and paid for by the seller  

• any identified forthcoming major works that require funding by the seller or buyer  

• the presence of a float and/or development cyclical maintenance fund  

• block insurance schedules  

• an estimate of the annual factoring costs.  

If requested by the seller’s solicitor we will provide, where possible, copies of any certificates, e.g. building warrants, Local Authority Certificates, warranties for any major work carried out by contractors etc. To assist our staff in the discharge of these duties, owners are required to provide a minimum of 14 days’ notice to Curb Factoring prior to the settlement date of the sale.  

Where the debt is considered substantial, we may insist on retention figure being paid or advise of a Notice of Potential Liability being registered against the property.  

What is a retention figure?

We calculate the estimated costs up to the proposed date of sale and request your solicitor retains this to ensure your final invoice is paid. The retention includes 

  • Our final account fee 

  • Current account balance 

  • Estimated apportioned repair and service charges up to the date of sale 

  • Apportioned charges for management fees 

  • Any major works started or pending 

  • Admin fees such as for any debt recovery 

You can also pay this fee directly to Curb Factoring and this will show on your final invoice. These are estimated figures and the final invoice will confirm the final amount due. Any credit will be refunded when the final invoice is calculated.  

What is a Notice of Potential Liability (NOPL)?

A Notice of Potential Liability is raised on the Title Deeds for the debt due. Where the debt is not cleared by the selling owner, it is transferred to the new owner becoming their liability. This may affect the sale of the property.  

Where there is a risk of an NOPL being raised, we would encourage you to pay the estimated retention figure to ensure an NOPL is not registered. There is a substantial cost to register an NOPL which will be added to the account. This is detailed in the documentation issued to your solicitor.  

Payment of the estimated retention fee will show on your final invoice. Payment methods can be found on our website or https://linkhousing.org.uk/make-a-payment. The retention fee is an estimate, and the final invoice will remain due.   

I have an NOPL on my property what do I need to do?

We will advise your solicitor there is an NOPL on the property and it will show on your Title Deeds.  

If the outstanding debt is not paid and the NOPL discharged at the point of sale, the debt will pass to the new owner and we will continue recovery action. This may affect the sale of the property as the new owner will be due the arrear and subsequent recovery action.  

Where an NOPL is registered on your property, it will need to be discharged to be removed from the Title Deeds. Your solicitor should request this and provide the forms for the NOPL to be discharged. There is a cost for this discharge. We will advise your solicitor of these costs during the sale process.  

What happens to my account when the sale concludes on my property?

All costs, fees, insurance premiums etc that apply, up to the date of the sale, will be charged to the seller. Some costs are straightforward such as a routine repair performed before the sale. In this case, the seller will be charged their normal share of the full amount. For on-going costs, such as monthly cleaning or landscaping charges, insurance premiums and management fees, we’ll work out the apportioned charge depending on the date of sale. Where a payment is required to fund a forthcoming major works project (for example a development wide painting scheme), we will pass this information to the seller’s solicitor. The party responsible for this payment (seller or buyer) will be agreed between seller / buyer / solicitors in advance of the sale. This will be covered in the requirements list defined in 1 above.  

When will I receive my final invoice?

After selling your property, you will receive a final invoice, the timing of which is dictated by such factors as your sale date, the method / frequency of your invoices, and outstanding contractor invoices. We aim to provide your final invoice within 3 months from confirmation of the date of sale, however it may be dependent on external factors out with our control. Your final invoice will show the refund of a float payment and any credit due.  

What happens to any float I’ve paid which Curb Factoring holds?

Any float amount is included as a credit on the seller’s final invoice. Of course, the final invoice may also include some on-going charges (utility bills etc) so the final invoice will reflect the net amount owed or due.  

I’ve paid into a cyclical maintenance fund - will this be refunded?

No. When a homeowner sells the property, the amount paid into the cyclical maintenance fund is not returned and is retained against the property in a separate bank account. It is often considered beneficial for a development to have a cyclical maintenance fund to support major works and it is advised that the presence of these funds should be detailed as an asset in the sale of the property.

What fees are charged by Curb Factoring when I sell my property and why is a fee applied?

A final account fee is charged to the departing homeowner to cover the significant internal administration requirements involved in the sales process. This charge will appear on the invoice following the sale. Your property specific schedule and our sales letter to your solicitor will advise of the current amount for our sales fee. We reserve the right to charge a higher amount if:   

  •  the sales process is protracted or involves significant additional work. (Cost dependent on volume of additional resource required ).   
  • less than 14 days’ notification of sale is provided, A Late Notification Penalty of £ 6 0 including VAT may be applied.