Bitch questions Flashcards
What is the difference between NIA & IPMS3
IPMS -
Includes columns and measures to the internal dominant face
Areas less than 1.5m in height are included, but stated separately
NIA
Internal columns & walls excludes
Areas less than 1.5m excluded
What is the difference between GIA and IPMS 2
IPMS
Includes covered galleries (stated separately)
Includes area occupied by reveals of windows when measured and assessed as the internal dominant face
GIA
Excludes above
What is the difference between IPMS1 & GEA
IPMS 1
Balconies and covered galleries includes by stated separately
GEA
Covered galleries included but not stated separately
Balconies Excludes
What would you include/exclude on a industrial measurement using GIA
Include
- Areas with less than 1.5m of headroom
- Areas occupied by internal walls and partitions
- Columns, stairwells, lift wells, lift rooms, plant rooms
- Mezzanine areas with permanent access
Exclude
- Canopies
- Fire escapes
- Perimeter wall thickness
- Covered ways
What is the internal dominant face
Inside finished surface comprising more than 50% of the floor to ceiling height in each IDF section
What was included/excluded in your NIA measurement for 3 Copthall
Includes
Skirting and perimeter trunking
Stationary Cupboards
Lift lobby
Exclude
Areas under 1.5 M
Protrusions more than 0.25m
Useable space less than 0.25m
Internal structural areas
Corridors (If single function and not usable)
What is included in Workman’s privacy notice?
- What information you have
- What information will be used for?
- Which third parties you might share the information with?
- How long the information is being kept for?
- What legal right the firm has
What are the 3 types of financial statement you might come across relating to a company
- Balance Sheets
- Income Statements
- Cash Flow Statements
What are the 3 parts of a balance sheet
- Assets
- Liabilities
- Owners Equity
What is the civil penalty for not displaying a valid EPC
12.5 of RV up to £5k
Could increase up to £30k from 2028
What is S23 of the L&T Act 1954
Tenancies to which the act applies
- Business tenancies of over 6 months
What is S43 of the L&T Act 1954
Tenancies to which the act does not apply
- Agricultural Holdings
- Mining Leases
- Residential Tenancies
- Tenancies granted as condition of employment
- Tenancies not exceeding 6 months unless
- There is provision for extension
-T has been in occupation for more than 12 months
What is S24A of the L&T Act 1954
Application to court for interim rent
- Is the rent from the period of the expiry of the S25 or 26 (should a period exist) to the start of the new lease
Interim rent is the rent of the new tenancy unless L or T show otherwise, e.g.
- different valuation dates
- different terms of old and new tenancy
What is S25 of the L&T Act 1954
Landlord’s notice
- Must be served between 12 or 6 months to:
a) Contractual end of the tenancy
b) Date specified in the notice i.e.
- if the tenancy has less than 6 months to run
- T is holding over under S24
- T is on periodic basis
Either a Friendly or Hostile notice is given
What is S26 of the L&T Act 1954
Ts request for new tenancy
For T who’s term exceeds 12 months and has not yet received a S25 notice within the 12-6 month period (can also be requested after)
T may propose
- start date of new lease (up to 12 months from date of notice)
- Property comprised
- The rent
- Other terms
What is S24(1) of the L&T Act 1954
If the tenancy has been terminated according to the act, the L&T may apply to court to determine the terms of the new tenancy
What is S27 of the L&T Act 1954
Where T wants to leave premises
Must be at least 3 months to expire and no later than the end of tenancy
What is S28 of the L&T Act 1954
Agreement for new tenancy
If L&T agree new tenancy for premises
- current tenancy shall continue until commencement of new tenancy and will cease to be a tenancy to which the act applies
What is S40 of the L&T Act 1954
Obtaining preliminary information from the other party
- L&T can request information from other party within last two years
of the term for renewing or terminating a tenancy
e.g. L may request details of occupation or sub-tenancies
T may request details of superior L
Either party must provide correct info within 1 month of request
What is S30 of the L&T Act 1954
Landlord’s grounds for possession if opposing request for tenancy in S25 notice or in response to Ts S26 notice S30(1)
a) T has failed to carry out repairs
b) T has persistently delay paying rent
c) T is in breach of some other covenant
d) L offers suitable alternative accommodation
e) Where tenancy was created by a sub tenancy and the building let as a while would produce a higher rent than from separate lettings
f) L intends to demolish to reconstruct premises
g) L intends to occupy the premises for own purposes
LL must have been L for 5 years
What is S37 of the L&T Act 1954
Tenant’s compensation for LL terminating lease
What is S29 of the L&T Act 1954
Power of the court to determine new tenancy
If the tenancy is terminated in accordance with Act and application from L or T has been made under S 24(1) the court has the power to grant a new tenancy under S29(1) and may determine:
- The property comprises
- Length of lease
- Rent
- Other terms
- Interim rent
What is S32 of the L&T Act 1954
The property comprised
Usually same as in old tenancy
However if L has objected to tenancy as they want to substantially reconstruct court may order a tenancy of part of the property (S31A(1)B))
- so long as T agrees and L can carry out works
What is S33 of the L&T Act 1954
The power the court has in granting a term length
Max 15 years
What is S34 of the L&T Act 1954
The rent the property might reasonably be expected to let in the open market by a willing lessor, disregarding
- Ts previous occupation
- Any goodwill
- Certain improvements (see below)
- Carried out by T during old tenancy
- Less than 21 years before the application for new tenancy was
made
- License to sell intoxicating liquor
What is S35 of the L&T Act 1954
The other terms of a new tenancy
- To be agreed between L & T
- Or determined by court
- Court must have regard to terms of old tenancy and other relevant
circumstances - L may change terms if relevant circumstances are that different
terms are being agreed in the open market
Satisfied by O’May case
What is your understanding of the O’May and Others v City of London Real Property Co. Ltd [1982] case
Either party wishing to change terms of the lease will have to satisfy 4 tests (RICF)
(Reason, Impair, Compensation, Fair)?
1) Has the party demanding the change showed good reason?
2) Will the adjustments materially impair the conduct of Ts business
3) Will the party resisting the change be adequately compensated
4) Is the variation fair and reasonable between the parties
What is S36 of the L&T Act 1954
Carrying out the order for a new tenancy
- L bound to grant new lease on terms determined by court
- T can apply to have the court order revoked within 14 days, tenancy
will continue for reasonable period for L to re-let
What is S38 of the L&T Act 1954
Contracting out
For new tenancy of fixed term L or T may contract out of S24-28
L must serve T a notice under Regulatory Reform (Business Tenancies) (England and Wales) Order 2003
if notice served + 14 days before valid agreement for lease of start date
- T must sign simple declaration
If notice serve less than 14 days
- T must sign a statutory declaration before a solicitor
What is the punishment for a LL breaching MEES
If the breach is for less than 3 months
- Higher of £5k or 10% of the RV
- Fine capped at £50k
If the breach is more than 3 months
- Higher of £10k or 20% of the RV
- Fine capped at £150k
What are the disposal costs in your residual
Letting Fees
Legal Fees
Tax
What are the developers costs for your residual
- Build costs
- Demolition
- Consultants fees
- Interest on loans
What is the net initial yield
Rent expressed as a percentage of the gross acquisition price
What is the initial yield
Net income at date of purchase expressed as percentage of purchase price
What is the difference between gross and net yield
Gross yield = Rent expressed as a percentage of the purchase price
Net yield = Rent expressed as a percentage of the gross acquisition price (i.e. Including purchasers costs)
What defects can be seen in brickwork
- Evidence of water entering brickwork
- Efflorescence = salt reacting with water and leaving white marks
- Spalling = bricks degrading because of heating & cooling of bricks
What would you include within a NIA measurement
- Kitchens
- Built in-cupboards
- Areas occupied by perimeter trunking
- Areas occupied by non-structural walls
- Atria with clear height and entrance halls if not expressly included in the communal areas
What would you exclude from NIA
- WCs
- Areas under 1.5m in height
- Plant and lift room
- Stairwells
- Cleaner cupboards
- Space rendered unusable (gap of 25cm or less)
Residual method
Gross Development Value from MR capitalised into perp
- Less developers costs & profit
= Net Development Value
- *PV for a year @ interest rate
= GRV
- Less agent fees, legal fees & SDLT
= Site Value
What are the 5 principles of the RICS Regulation for Members and Firms (2007)
1) Transparency
2) Proportionality
3) Accountability
4) Consistency
5) Targeting
If a breach were to be reported to the disciplinary hearing, what penalties can be imposed on the breaching party
- Consent order
- Unlimited (but proportional) fine
- Conditions for continued membership
- Expulsion
- Publications of results of hearing in modus magazine
What are considerations from Ethics decision tree
- Do you have sufficient facts on the issue
- Is it legal
- Is it in line with the RICS Rules of Conduct
- Have you consulted with appropriate people to make an informed decision
- Do you have clear reasoning in reaching your decision
- Would you be content for your actions to be made public
What are the key requirements for Professional Indemnity Insurance?
- Each and every claim or aggregate cover plus round the clock
reinstatement - Written on full civil liability basis with min level of indemnity
- Comply with max level of uninsured excess
- Fully retroactive
- Underwritten by RICS listed insurer
- Cover all past and present employees work
What contamination risks would have to be considered during an inspection
- Asbestos
- Chemicals in storage
- Contaminated water
What is high aluminic cement
Used during 1950/70s due to quick strength development
However has emerged that it deteriorates with age and can cause building collapse
What makes up a solid wall construction
Two layers of brick
- Stretchers (long) in one course and headers (short) in the next
- No gap between
230mm thick
What makes up a cavity brick wall!
Two walls of stretchers (long bricks) 50-70 mm apart
Tied together by cavity wall ties
280mm thick
What is a building frame
Structure which weight is carried by a skeleton or framework rather than being supported by walls
What is the modern construction (exterior) of an industrial building?
- Steel portal frame
- Metal sheet cladding
- Pitched roof
What is the main benefit of portal frame contraction
Cost effective to cover a large area
Good for large warehouses
What is the four step process for identifying a defect
1) Take photos
2) Try and establish cause when on site
3) Inform client
4) Recommend specialist advice
Why has IPMS been introduced
- Avoid current inconsistencies in definitions of
measurement across different countries - Improve global transparency and consistency
What IPMS standards are adopted by RICS
Offices and Resi (Unless client provides written
What is dual reporting for measurement
Measuring to both IPMS and NIA/GEA/GIA etc
When would you use dual reporting
When requested by client or if there is a lack of comparables
Is the code of measuring practice mandatory?
No, only advises best practice
