Case Study Flashcards
Who decided how to market the property? You mention that you liaised with the
selling agents to devise a marketing strategy, can you explain to me what you
recommended.
The agent provided a recommendation of marketing the property via informal tender in
their report. This was something I had advised previously although I did consider the
other methods
Why was a quick disposal required? TSA have assets of over £3 billion in the UK
alone, it seems not in the best interests of the charity to lose out on any value-add
initiatives prior to disposal, especially as TSA clearly has capital.
While TSA have a high level of capital, the capital availability in the region itself is not as
high. To fund projects in the area, they rely on divisional sales proceeds which is made
up of any sales in the area.
Can you explain to me what parties that TSA would not be able to sell to? Did your
agent advise you that you were able to exclude certain parties to dispose to? Is this
in breach of any legislation? 1979 Estate Agencies Act - No discrimination
In some situations, TSA may wish to sell to a similar organisation over a developer or
party who may wish to change the use of the property. This is not discriminatory as it is
not against a protected characteristic of the Equality Act 2010
Who undertook the AML checks?
The agents carried out the checks, I ensured I raised the question as a crosscheck.
You mention that you included relevant conditions within the HoTs, so did you
draft these or did you amend the agents HoTs? Why would you include AML checks
within the HoTs? What level of AML checks did you undertake?
The agents drafted the HoT’s but I reviewed and made amendments prior to having
them issued. ATM checks were a standard condition that the agents used. ID
documentation was required, along with a utility bill showing the address. This was to be
carried out a certified accountant or solicitor.
Who completed the CPSE Enquiries?
I completed the CPSE enquiries with solicitor assistance and the use of saved documentation and through meeting with the team members who had run the building historically.
Why did you not assess the property prior to marketing whether it was suitable for redevelopment? Is it a necessity to have planning advice in these situations?
I did assess the property suitability for redevelopment and ensured that the agent carry out a residual appraisal. I did not carry this out myself so for the purpose of the case study I did not include reference.
Did you review the valuation advice received? Did the valuer comment on any hope value?
I did review the advice and as mentioned had discussions with the agent to discuss options and best approach which was broadly in line with my previous research and due diligence.
It took 14 months from the initial sale instruction to completion, does this present a speedy sale? How could this have been achieved quicker if there were time constraints?
It could have been quicker with an alternate method of sale however, the result speaks for itself, and I am happy with the choice made. Other precautions could have been taken such as seeking further planning advice however this would have come as an additional cost and extended the time further with potential conversation of a planning pre application.
