It is indeed an old chestnut. It's been covered numerous times on this forum, but since the search tools are not very good we can't blame you for not finding it.
The current version of FactorLib does not support V3 (or Space) – it was written prior to preset name support, and not surprisingly fails to anticipate this. A new version is imminent, but has already been somewhat delayed (apologies). Should be this month.
