Ending the arrangement
A majority of homeowners in your block may at any time choose to terminate the present factoring agreement with the Council and, if they choose, appoint a new factor.
To change your property factor, a meeting (virtual meetings only during Covid-19 pandemic) should be held with all the homeowners in the block, including the Council if they are a homeowner, to discuss all possible options and to cast a vote on the changes. Please note each property in the block has 1 vote. For example, if a homeowner has three properties in the block, they will have three votes.
If the decision is to terminate the agreement with the Council as your factor, we will ask for three months’ written notice confirming the majority decision, details of the vote taken and a signed mandate from those homeowners. Upon termination of the factoring agreement the Council will issue a final statement and any other relevant information to all homeowners within three months from the date of termination.
We will operate a 21-day ‘cooling off’ period for any termination notice to ensure the wishes of all homeowner are fully expressed and acknowledged by us.
The Council can end the factoring arrangement by serving at least six months’ notice to all homeowners within the block. It is recommended that a new factor be appointed by the homeowners.