Case Study Flashcards
Talk me through your conflict of Interest and anti-money laundering checks.
- I put the name of the client, property and job type in our internal system which is circulated around the firm in order to raise any conflicts.
- With AML - I used our internal submission form to enter the details of the property, inputting the Vendor as an individual but a third party representing them. As the Vendor was unwell, they provided manual copies of their ID to SHW’s AML compliance officer. I used the Credas app on the Deputy for the Vendor.
Prior to speaking to the planning department, what development potential did you feel the property had and why?
I was of the opinion that the property could simply be refurbished, or converted under Permitted Development to create a studio flat to the rear of the property.
Why If you arrived at a capital value of £405,000 and RLV of £430,000, did you set your guide price at £350,000?
- The client wanted the property on the market, bring in lots of interest and agree a sale in very quick timescales whilst also being satisfied that lots of parties had viewed and made offers. They wanted a cash offer due to quick timescales.
- Therefore, to generate interest, I advised this substantially lower guide price
What external alterations would be required to convert to residential?
Required ground and first floor extension and extension in the roof space
How did you account for CIL within the valuation, where did you get that Info from?
I looked up the CIL charge rate with the Local Authority and multiplied this by the approximate additional sq ft
Why did you believe the purchaser would be a cash purchaser?
I understood that the client favoured a cash urchaser - but I could not guarantee that a cash offer would be proposed or accepted, therefore I adopted funding in the RLV
Why Is there no EPC rating shown on your marketing particulars online but it is included in your appendix?
Marketing commenced and the client commissioned and provided the EPC after 4 days of being on the market. I updated the marketing details to show this and added the EPC on to SHW’s website
What works could be undertaken to improve the EPC rating, if the property was staying in existing use?
Double glazing to replace the single glazed windows and LED / more efficient lighting
Had the highest offer consisted of financing, how would you have advised your client?
・I would have discussed this with the client - if the offers were close I would have likely advised that they would proceed with the cash offer because of the timescales that they favoured.
・However, if there was a large difference, I would have analysed the difference between the timescale proposed and the value in price
What did the selected purchaser want to do with the property?
The selected purchaser wanted to convert the property and has started doing so
What would you do differently next time?
Next time, I would increase the guide price. Although this tactic worked, in hindsight it was a bit of a dramatic reduction and increasing the guide price slightly would have still attracted interest and more importantly focused parties on the level of offers anticipated
What were the main differences between the GIA and IPMS 3B measurements?
- IPMS 3B - IDF and finished surface of internal walls, including walls and columns, staircase opening stated separately.
- GIA - Including internal walls, measured to the internal face.
There was minimal difference but the difference was in stairwell voids (IPMS 3B excludes), and IPMS 3B measured to IDF, in some cases were a window.
Tell me about your Inspection of the property, what you did before hand and once on site.
・Before hand, I undertook due diligence on the local area, researched the property online (EPC, planning etc). I undertook a risk assessment of inspecting beforehand.
・Whilst on site, I met the client and established whether the property was safe to enter or if any PPE were to be required. At the inspection I took lots of photos, measured the property and noted condition and characteristics. I discussed the client’s brief and objectives from the instruction. I also drove around the area to understand the situation of the site in its context and note down agents boards.
Talk me through the construction of the property.
・Traditional brick construction, the rear extension was brick and block construction.
・The front of the property was pebble dashed render
Talk me through the signs of damp from your photos and what could be causing it.
Lack of ventilation, a leak to the roof or rainwater goods
