What is my Factoring Deposit?
A deposit of £50.00 is charged to all incoming owners. This sum is refundable when the owner sells their property, provided there are no outstanding arrears.
In the case of arrears, the deposit will be offset against it and any credit balances refunded to the owner. Deposits are separately accounted for through MPS’ IT coding system. Each owner shall ensure their solicitor notifies the Company of any change in ownership of their property. On receipt of notification of such sale, MPS will liaise with the seller’s solicitor and arrange to apportion the charges upon completion.