Leasing And Letting Flashcards
Current pressures affecting lease values
- Economy
- interest rates
- Brexit
Legislative framework associated with lease terms
- L&T act 1954
Factors affecting the value for property in the letting market
- supply and demand
- location
- size and type
- planning / building regs
How did you give your client valuation advice on Dalton Park?
DCF
How have you advised on a lease for both L&T
- LL - DP. Comps, current market, lack of other interest
- T - DP. Value for size, location
What was the s106 liability at Dalton Park? How did you remove it?
- £111k
- advised local authority that it was prohibitive to the letting which would bring more jobs and trade
What is an Agreement for Variation?
When parties agree to do something differently from the original agreement
How did you advise your client to go ahead with The Range
- DCF
- comps
- current market justification - support from agent
What were the lease terms at DP?
- 15 year lease
- break option at 10
- £10psf
- 12m RF
- WMS to install drainage
How was the unit measured?
GIA
What is a protected tenancy?
- under the Rent Act 1977
- can give security of tenure and right to fair rent
What is a tenancy at will?
- no legal interest
- either party can terminate at will
What is a trespasser?
Someone entering without permission of the owner
What is a bare licensee?
- someone who occupies land by permission of the owner
- no legal interest
What is a contractual licensee?
- licence is agreed by contract - right to occupy
- usually granted for a particular purpose but without exclusive possession
- eg car parking spaces to network rail
