L2 Leasing and Letting

Question 1

What are the key criteria and considerations you take into account when conducting a market appraisal to estimate rental value?

Answer 1

Key Criteria
- Demand
- Access to amenities
- Location
- Aspect
- Specification
- Furnished or unfurnished
- Bills / paid bills or no

Question 2

Can you explain the importance of AML checks in the rental property process?

Answer 2

AML checks are undertaken to make sure that the client is not a PEP or on a sanctions list
It ensures that money is not got through illegal channels and that the property being rented was bought with legal funds

Question 3

How do you ensure you are compliant with regulations? (Leasing & Letting)

Answer 3

I ensure that AML checks are conducted on all applicants whether they be vendors or Lessees

Question 4

What are common issues landlord might face when letting a property and how do you assist them in addressing the challenges?

Answer 4

Unpaid rents

Damage to a property

Noise complaints from tenants

Rent reviews

Lease breaks

Question 5

Can you elaborate on the role of a holding deposit in securing a rental property?

Answer 5

A holding deposit is standard practice in the lettings industry

- Its effectively shows a potential tenants willingness to commit to a 
      property before formally agreeing / signing for the tenancy 
       agreement

- This take the property off the market for a time period until the 
       tenancy has been agreed after checks 

- Makes it less likely the tenant will pull out last minute 

- Ensure some money for the LL in case of

    - Shows a willingness to commit

Question 6

What are the typical terms and conditions associated with a holding deposit?

Question 7

If a tenant does not pass the reference check what steps do you take?

Answer 7

I would endeavor to find out which part of the tenant checks they had failed
- Is there a solution?

I would inform the LL
- Including my findings

I would inform the potential applicant
- What they need provide me with
What else they can do to ensure they pass

Question 8

If tenant doesn’t pass RTR What are the LL options in such situations?

Answer 8

If the LL has accepted the Holding deposit they are legally required to wait until the term has passed until they can reject the applicant and re-market the property

Question 9

What factors would effect upon letting value / lease term?

Answer 9

Letting value
- Specification
- Amenities
- Demand

Lease Term
- Covenant strength of tenant
- Type of tenant
- Land lord demeanor

Question 10

What do you need to conduct a right to rent check?

Answer 10

• ID
• Address
• Visa application
• Biometric Residential Permit

Question 11

When you had multiple enquiries on the flat you were marketing did you establish to the LL which ones would be more appropriate?

Answer 11

I established that several of the parties were offering the full rent upfront which I knew the LL wanted
- However I put all the offer to the LL