Case Study Flashcards
How is the Rateable Value calculated?
The VOA gathers information about rents paid for properties. It analyses the information and works out a price per square metre. It may consider things like property age, construction and location. The price per square metre is applied to the floor area of the property.
What was the EPC rating of Unit 15?
D (83)
You say the heads of terms were subject to contract, what does this mean?
It means the parties do not intend that the Heads of Terms are legally binding.
What is a license for alterations?
What is a benefit of it?
It is a formal, legal document that a landlord can request for a tenant to undertake alterations to the property.
It does not risk the tenant being in breach of their lease agreement.
Was a schedule of condition agreed?
Yes a schedule of condition was undertaken by the tenant.
Why was the lease held inside the landlord and tenant act?
it was requested by the tenants solicitor as a non-negotiable. The landlord and their solicitor did not see an issue with it.
What is the scale on your lease plan drawing?
Floor plan is 1:100
Location plan is 1:1250
You say you are adared to health and safety protocol, what was this?
Call contractors ahead of viewings.
Wear necessary PPE.
Escort around the site whilst dilapidations were taking place.
You mentioned rules one and three of the rules of conduct, what are the other three?
Rule 2: members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
Rule 4: members and firms must treat others with respect and encourage diversity and inclusion.
Rule 5: members and firms must act in the public interest, take responsibility for their actions and prevent harm and maintain public confidence in the profession.
You mentioned rules one and three of the rules of conduct, what are the other three?
Rule 2: members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
Rule 4: members and firms must treat others with respect and encourage diversity and inclusion.
Rule 5: members and firms must act in the public interest, take responsibility for their actions and prevent harm and maintain public confidence in the profession.
What was the initial quoting rent and what was it let at to ‘Connectium’
Quoting: £41,400 (£19.34 psf.)
Final letting: £36,000 ( £16.81 psf.)
What is the difference between FRI and IRI leases?
FRI contracts are the most common. By taking on a property on with FRI liability, tenants are taking on all responsibility for repairs and insurance.
IRI leases are fairly rare, and obligate tenants to repair internal items only. This means that if there are issues with external elements like the roof, the landlord holds responsibility for the relevant repairs.
Was there a service charge?
If so, what was it used for?
Yes. The estimate from 2023 was approximately £2,645.
It is used in relation to the utilities and maintenance of the common areas.
You mention the Alienation Clause in your HoT’s. What is this?
A section that documents the process of transferring a lease to another person.
It is the legal term for transferring property ownership rights.
What does GIA mean. How does it differ from NIA?
GIA is the area of a building once internal face of the perimeter wall. It includes internal walls and partitions.
NIA is the USABLE area within a building to the internal face of the perimeter wall. It excludes toilets, stairwells, and areas of less than 1.5m.
