Landlord and Tenant - L2 Flashcards
(LR Earls Court Road) How do you know if a lease is inside or outside the Act?
The lease will state if there is an exclusion of the 1954 Act. If the Act is not mentioned then it is inside.
(LR Earls Court Road) Tell me how you measured it?
I measured the property on an NIA basis and took appropriate measurements so that I could zone measuring 6.1m each time.
(LR Earls Court Road) Give me some examples of what might make buildings comparable?
Similar pitch
Same use class
Same size
Same configuration
(LR Earls Court Road) Who served the S.26 notice? Would you?
The solicitors served the notice. That is not within my competence to serve.
(LR Earls Court Road) Why did you recommend serving the S.26 notice at least 6 months prior to expiry?
As the new lease can only commence 6 months after the notice expiry and if the notice is served with less than 6 months remaining on the lease the new lease will not able to commence until after expiry of the notice.
(RR Walworth Road) How do you structure your fee?
A fixed and incentivised fee.
Stage 1 - reporting fixed @ £2,250
Stage 2 - 25% of the rental increase £3,750
Total £6,000
(RR Walworth Road) Which boroughs did you consider similar?
Southwark
Lambeth
Lewisham
(LR Earls Court Road) What did NIA include/exclude? Is NIA the correct standard to be using following IPMS all properties release?
I excluded columns and stairs but included the kitchen and entrance hall.
It has not been formally adopted by the RICS for retail space.
(LR Earls Court Road) You state you would recommend serving the S.26 notice at least 6 months’ prior to expiry. How would your approach to this differ if the lease was outside the Act?
I would recommend entering into negotiations at least 12 months prior to expiry as the tenant would not have security of tenure once the lease had expired.
(RR Walworth Road) What were some of the key factors you were considering when collating comps?
Floor to ceiling height
Location
Proximity to public transport
Configuration
(RR Walworth Road) Did you feel that this advice was particularly ethical?
Yes, my advice was based upon the best interest of my client. If I was unsure if a matter was unethical I would refer to the RICS Ethics Decision Tree.
(RR Walworth Road) Why did you serve a rent review notice? What did this contain?
To initiate the rent review as I think it is good practice.
Contained
1) Address
2) Property
3) Tenant’s name
4) Proposed rent
