Landlord and Tenant AI Q's Flashcards
What is the first piece of information required from the client at the commencement of the instruction?
Agreed terms of engagement
This sets the framework for the working relationship and expectations.
What is important to understand about the client’s needs?
Understanding your clients strategy and objectives
This helps tailor the approach to meet the client’s specific goals.
What document should be obtained that outlines the current usage of the property?
Copy of the existing lease and plans
This document provides crucial information about the property’s legal standing and usage.
What types of licenses should be copied from the client?
Copies of licences, e.g. alterations, improvements, sub-letting or assignment, any deeds of variation
These licenses inform about any modifications or agreements affecting the property.
What type of memoranda should be obtained related to rental agreements?
Copy of any rent review memoranda
This document contains important information regarding changes in rental terms.
What contact information is necessary to facilitate property inspections?
Contact details for the tenant/landlord to arrange an inspection of the property
This is essential for scheduling access to the property.
Who should confirm the responsibility for serving notices?
Confirmation of which party will be responsible for the service of notices
This ensures clarity on communication responsibilities.
What file should be obtained to review historical rental information?
Copy of the property management file
This file may contain historic rental evidence or background info relevant to the property.
What details regarding rental evidence should the client provide?
Details of any comparable rental evidence held by the client
This helps in assessing the property’s rental value in the market.
What must be agreed in writing at the start of the instruction?
Terms of engagement
This ensures clarity and mutual understanding between the parties involved.
What are the three bases for fees for rent reviews or lease renewals?
- A fixed fee (or fixed stages e.g. report, negotiations)
- Incentivised fee (e.g. a percentage of the uplift)
- An hourly rate
Different fee structures can align with the nature of the work and client preferences.
What actions are required by the surveyor?
- Conflict of interest and competency check
- Agree terms of engagement with the client
- Obtain understanding of client objectives
- Obtain all the information from the client, detailed above
- Read the lease and any licences carefully and understand the rent review clause
- Check that the lease is not contracted out of the LTA 1954. In the case of a lease renewal if it is silent the lease is inside the Act
These actions ensure the surveyor acts professionally and in the best interest of the client.
True or False: Terms of engagement do not need to be agreed in writing.
False
Written agreements help prevent misunderstandings and establish clear expectations.
Fill in the blank: The lease must be checked to ensure it is not contracted out of the _______.
LTA 1954
The Landlord and Tenant Act 1954 provides certain protections for tenants.
What should the surveyor obtain to understand client objectives?
All the information from the client, detailed above
Understanding client objectives is crucial for effective representation.
What is a potential structure for incentivised fees?
A percentage of the uplift
This aligns the surveyor’s compensation with the success of the negotiations.
What is the first action required by the surveyor?
Conflict of interest and competency check
What must the surveyor agree with the client?
Terms of engagement
What should the surveyor obtain from the client?
Understanding of client objectives
What document must the surveyor read and understand related to rent reviews?
The lease and any licences
What specific clause should the surveyor check in the lease?
The rent review clause
What must the surveyor check regarding the lease’s status under the LTA 1954?
Check that the lease is not contracted out of the LTA 1954
In the case of a lease renewal, what is the implication if the lease is silent?
The lease is inside the Act
What must the surveyor check regarding time for a rent review?
Whether time is of the essence for a rent review