Case Study Questions Flashcards
What did the lease state about grounds for forfeiture
The lease stated the non payment of rent past 21 days would be grounds for termination.
What did the lease state with regards to service charge
- Immediately precede the beginning of every year during the said term the tenant shall pay to the lessor such a sum (hereinafter referred to as advance payment) in advance and on account of the service charge
What did the lease state with regards to repair
Keep In
What was the timeline on receiving vacant possession
- Lease ended in October
- I left in Nov
- Recommenced in October following year and served notice in first week
- Received intention to claim relief
- Negotiated surrender in Nov
Has the sell of the property been finalised
- No, purchaser did not show proof of funds.
- Property relaunched to market.
- Potential to achieve higher than estimated due to potential marriage value between front and back building
Was you valuation highest and best use
- Yes, there was no readily available alternative option.
Why did you not serve a forfeiture notice on the tenant
- By the time we had got involved, the lease had nearly come to and end and it was felt it was best to just let it run
Tell me about your TOE with your client
We established 3 separate TOE’s
- Agency (Sell of premises) / PSRA
- Management / PSRA
- Pursual of debt / Side Note adding to Schedule
Core aspects of the agreements are the following
The Property Services Regulatory Authority (PSRA) Terms of Engagement, also known as Property Services Agreements, are mandatory documents in Ireland regulating the interaction between a Licensed Property Services Provider (LPSP) and their client [1]. Here are the key aspects:
- Standardized Agreement:
The PSRA outlines specific formats for various property service categories, ensuring clarity and consistency [1].
- Client Protection:
The agreement serves as a contract, safeguarding the client’s interests by clearly outlining the services provided, fees involved, and terms of engagement [1, 2].
- Time-Bound:
The LPSP (Licensed Property Service Provider) must provide the client with the agreement within 7 days of commencing service or reaching an agreement [2].
- Client Acknowledgment:
For the agreement to be valid, the client needs to sign and return a copy within another 7 days [2].
- Service Details:
The agreement should clearly specify the property service being provided (sale, letting, management etc.) [3].
- Cost Transparency:
The agreement must outline all associated fees and charges for the service [1].
- Breach of Agreement:
Failure to comply with the PSRA regulations regarding Letters of Engagement is considered “Improper Conduct” [1].
With your agreement to pursue arrears, was this fee based of a certain percentage collected?
It was a fee base. Agreed on the principle of reasonable care as opposed to specific performance
What is the zoning of the property
HER 13 - Conservation
Talk me through your valuation of the property
I obtained rental comps through one of contacts at another agency.
Rent - €24 (10% discount for top)
Retail - €46
Investment - 24 Main St
Core Yield - 6.25
Froth - 7.25
Purchaser Cost - 9.96%
Why was the rent increase not actioned
- Rent agreed in 2007 at the height of the boom.
- Rent and businesses took a large impact post 07
- Was a show of relief and goodwill
Tell me about the lease renewal of the medical practice
- Carried out by my colleague
- I was involved in the debt o/s
Was time of the essence on the second floor lease
Time was of the essence.
If the 1st floor tenant refused to surrender, what would be your next step
- Proceed to the courts to establish a court lease
