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2021 > Case Study Questions > Flashcards

Case Study Questions Flashcards

1
Q

What difference does a full vs an outline planning permission make to a purchaser of a site?

A

gajkg

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2
Q

What is the current lawful use class of the site?

A

rga

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3
Q

Could a developer just build out the 4 x 3 bed units?

A

ghjsh

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4
Q

Does a purchaser have to do anything before they can build out the 4x3 bed units in the erroneous description of development in the Decision Notice?

A

gaaet

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5
Q

What is the minimum timescale a LPA could determine your minor mod application within?

A

ga

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6
Q

Is there a risk that the planning consent could be JR’d? (i.e. is it outside the time limits now and was it outside the limits of this period when you were marketing the site?)

A

gag

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7
Q

What period after an application is determined is a third party able to JR the scheme?

A

argr

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8
Q

Can you identify the two key reasons available to apply to overturn a planning permission through judicial review?

A

(Ans: If you appeal to overturn the rejection of a planning application, you can only judicially challenge the decision on such grounds as error of law or misinterpretation of policy.)

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9
Q

What is the difference between a minor vs a major modification planning application?

A

ga

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10
Q

Was the scheme determined at a planning committee? What scheme was set out in the officer’s report to committee i.e. on what basis was the scheme determined i.e. 2x2 and 3x2 units or 4x3 units?

A

agaet

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11
Q

What is the determination process where an application is not heard at committee?

A

aatgr

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12
Q

Did the application have aS106 attached to it? How can you tell if it did it have a S106 attached to the consented scheme?

A

aega

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13
Q

Could you accept a bid on the site from a family member?

A

aetha

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14
Q

So Planning was granted in January 2021 – can you tell me how long this consent is valid for?

A

gag

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15
Q

Your final sale price was significantly higher than your original residual appraisal – what do you put this down to or why do you think this was?

A

aeth

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16
Q

Did you erect any marketing signage?

A

ager

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17
Q

Which legislation governs the use of marketing signage?

A

grdh

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18
Q

For which boards is planning consent required?

A

agtah

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19
Q

How many boards are allowed per building?

A

aeg

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20
Q

If you had suspected money laundering during your checks and due diligence before accepting the instruction, what must you have done?

A

datg

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21
Q

How does the money laundering process work?

A

aegaeth

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22
Q

Which legislation governs the money laundering procedure?

A

aetg

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23
Q

What sort of strengths and weaknesses did you identify when sorting through the bids you received?

A

ragaeth

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24
Q

Why may a vendor choose to accept one offer over another?

A

aah

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25
Q

What would you have done if the purchaser was holding up completion?

A

atet

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26
Q

What is a Notice to Complete?

A

tae

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27
Q

Who pays the legal costs of serving a Notice to Complete?

A

taer

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28
Q

What if this deadline is missed?

A

agarg

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29
Q

What did you include within the Heads of Terms?

A

aethtae

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30
Q

You mentioned before taking on the instruction you established the CIL liability. How did you make that calculation?

A

st

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31
Q

On your inspection you had regards to your firm’s lone working policy. What does that entail?

A

tst

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32
Q

Are there any particular cases in the news that feed into that lone working policy?

A

ageth

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33
Q

You carried out AML checks, if it wasn’t an existing client what would you have done?

A

tah

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34
Q

You were doing this in January 2021, how did you confirm their identification without being able to meet them?

A

ath

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35
Q

You said you marketed the property by private treaty followed by informal tender. Did you conduct a site appraisal before marketing? What figure did you get to?

A

rag

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36
Q

You sold the site for so much more than your opinion of value? Conservative to not raise client’s expectations.

A

\sheta

37
Q

Why did you recommend a second round of bids if the first round offers were already higher than your opinion of value?

A

tha

38
Q

You said you identified potential hazards on site, what were these?

A

gea

39
Q

Did you see any of these hazards onsite?

A

srg

40
Q

Was the asbestos identified on site or just through the management survey?

A

asrg

41
Q

What were the locations of the asbestos?

A

ga

42
Q

Did you notice any disturbance of the asbestos on site at all?

A

gwr

43
Q

Did you account for the removal of the remaining asbestos in your appraisal?

A

Increased contingency slightly. I am aware asbestos costs around £50 per sqm to remove so wouldn’t have been a high cost.

44
Q

How much was the CIL?

A

CIL totalled around £60k

45
Q

Did you make any deduction or account for the building already on site in relation to CIL?

A

arg

46
Q

You say the site was 0.35 acres, what was that in hectares?

A

arh

47
Q

You mentioned a defective planning application title for 4 x 3 beds, whereas the actual plans refer to 2 x 2 beds and 2 x 3 beds. Do you think there would have been scope for further intensification of the development/unit increase?

A

aehe

48
Q

You mentioned you used the informal tender process, were there any downsides of that?

A

areh

49
Q

What are the typical structural characteristics that make it a Victorian property?

A

aeh

50
Q

You mentioned your company’s lone working policy?

A

atha

51
Q

What do your Know Your Client checks involve?

A

aeh

52
Q

You stated the gross internal area. Explain the difference between GIA and GEA

A

ahe

53
Q

What sort of guidance note would you refer to when measuring?

A

arh

54
Q

What is the difference between formal and informal tender?

A

wrhW

55
Q

You prepared a land registry compliant plan. What makes it Land Reg compliant?

A

AHE

56
Q

What scale would it need to be at?

A

ahe

57
Q

What is a S73 application?

A

aeth

58
Q

How did you prepare your risk assessment?

A

aerh

59
Q

What would you have done if you had prepared your risk assessment in the office and then you got to the site and something had changed?

A

aeh

60
Q

Did you seek any planning advice in relation to the planning issue?

A

aeha

61
Q

How would you advise your client if you went to the council and they said they wouldn’t be able to validate this under s73, what other options would be available?

A

aeh

62
Q

Do you know what a s73a application is?

A

awrh

63
Q

What is a 96a application?

A

arh

64
Q

Say your client submitted a s73 themselves and you’ve mentioned the statuory determination period is 8 weeks. What would you advise your client to do if the local authority hadn’t responded in that time?

A

The authority should be able to give you an idea about the likely timetable. If it cannot decide your application within eight weeks, it should obtain your written consent to extend the period. If it has not done so, you can appeal to the Secretary of State. But appeals can take several months to decide and it may be quicker to reach agreement with the LPA.

An appeal is also permitted on the grounds of ‘non-determination’ when the local planning authority fails to determine the application within the statutory period. Very occasionally the Secretary of State will take the decision.

65
Q

You mentioned the Estate Agents Act. What are the main principles?

A

awrh

66
Q

You priced the property at a guide price that was significantly less than the price ultimately achieved. What method of valuation do you use to arrive at your guide price?

A

rg

67
Q

You mention comparable recent transactions. Why did you not use your recent comparable transactions as opposed to a residual which is fundamentally floored?

A

aeh

68
Q

Why do you think your pricing of the property was so much lower than the offers received?

A

aeh

69
Q

How was the cost of the development reflected in your appraisal? Did you get that right? (In terms of build costs)

A

aerh

70
Q

The fundamental difference between your residual and the prices received is just down to your assessment of GDV at the time you undertook the

A

aerh

71
Q

You say you were mindful of the locations of remaining asbestos. Where were you looking for remaining asbestos and what were you mindful of?

A

aerh

72
Q

You also took a conflict of interest check. What are the different types of conflict of interest?

A

aerh

73
Q

When carrying out the inspection and measurement of the property. Can you talk me through how you went about that and what the key factors were that you were looking out for when assessing the site?

A

aerh

74
Q

What is IPMS 3?

A

ahr

75
Q

What is a s73 application?

A

awrh

76
Q

Typically how long do these take to be determined?

A

arh

77
Q

You talk about when you first took on the instruction you proposed a fee to undertake the work. How did you determine what level of fee was applicable to this particular job and what legislation did you have regard to?

A

awh

78
Q

In relation to the administrative error in the planning application.. did you ever feel the site could accommodate 4x3 beds and when you agreed to proceed with your preferred purchaser, did you consider overage?

A

awr

79
Q

If you were advising your client on overage, how do you secure that contractually? Would the overage appear on title documentation?

A

awrh

80
Q

You talk about the various different ways of disposing of the site. Can you talk me through what scenario would an auction be best suited?

A

awrh

81
Q

What are the benefits of formal tender opposed to auction?

A

arh

82
Q

Can you give us an overview of the positives and negatives of private treaty method of sale?

A

awrh

83
Q

Have you ever sold a property for a charity?

A

awh

84
Q

You talk about cash funded offers and the advice you gave to your client included a list of all the offers and whether they were cash funded or not. Why was that an important consideration?

A

awh

85
Q

With money laundering being rife in the UK, talk me through the steps you have to take when considering cash funded offers]

A

awrh

86
Q

These offers were over £400k in cash…

A

awrh

87
Q

Do you have any obligations as an agent to uncover the sources of this cash?

A

Comply with anti-money laundering regs and proceeds of crime acts.
Proof of funds = bank statement

Source of funds =

  1. Savings – banks statements showing proof of funds and demonstrating how the money has built up over time in the form of deposits from your salary or pension.
  2. Sale of property – a copy of the completion statement from your solicitor.
    * In each of these cases you would also need to provide bank statements, which show the money was deposited in your account from the appropriate source.

Anti-money laundering regulations also come into play if you are receiving money from abroad to help you buy a house. It is possible that your solicitor will decline funds if the money is coming from what is regarded as a high-risk country.

88
Q

What due diligence would you need to do?

A

awh

89
Q

Does it matter where the cash has come from. If it has come from a bank account is that not okay?

A

awrh

2021 (22 decks)

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