Leasing and Letting Level 2 Flashcards
Leasing and Letting
Explain a factor you have come across which impacts upon letting value / lease terms.
Condition of the property can impact the letting value. For example, a property with limited amenities may be less desirable than a property with many e.g., furnished, and unfurnished.
Explain an example of when you have provided marketing/leasing strategy to a client.
When letting out a new property. I would conduct a market appraisal for there I would discuss with the client the achievable price and then market the property accordingly.
Talk me through an example of when you have let a property.
I recently let out a property on and AST for 6 months. This required marketing the property, inventory, lease agreements, deposit transfer and exchange of keys.
Tell me about an AST/licence you have drawn up.
AST include a start and end date for the fixed term, rent payable and date, address of property and all parties, deposit amount and scheme and where it is held and any other terms.
. Tell me about a viewing you have carried out.
When conducting viewing I ensure I have a property viewing checklist which includes details about the property. This is to ensure that a prospective tenant has all the information to make an informed decision.
What are typical building pathology issues you may encounter in relation to residential buildings? How do these impact upon letting?
Damp, condensation, cracking, roofing defects, window and door defects. Depending on the defect this can have a negative impact on the property as it can delay occupation if works need to be carried out or may put of potential tenants.
What social factors impact on residential lettings?
Affordability Ð social housing and benefits. Accessibility/ availability
Tell me about the current residential letting market in an area of your expertise.
The market is busy with average rent of £495 and demand high.
Tell me how you apply the DCLG checklist with a new tenant.
Ensuring deposit is capped and protected by TDS. The tenancy is agreed to a fixed term. I comply with health and safety legislation
What information do you provide to a tenant prior to a tenancy starting?
Tenancy agreement. How to Rent guide. Deposit Prescribed Information. EPC. EICR report. Gas Safety. Inventory
Talk me through how you carry out routine agency responsibilities.
Draft particulars. Market the property. Conduct Viewings. Inventories. Referencing. Drafting tenancy agreement. Managing property.
What is the minimum EPC rating a property must achieve before it can be let? Is this changing in the foreseeable future?
Landlords must have EPC of E to let out. with proposals made to require an EPC band C by 2028 for all private rented properties. Landlords will need to invest £10,000 to meet demand. Currently it is £3500
Tell me how you seek to obtain possession from a tenant for arears of rent.
Remind the tenant they need to pay arrears. Send a letter and allow for 14 days and if rent remains unpaid send another or look for guarantor to send a letter. If 21 days has passed form the original formal letter send another reminder to tenant/guarantor confirming intention to start legal proceedings with a rent statement. If the tenant has failed to pay 2 months rent you can ask the tenant to leave or make an application for a court order using a Section 8 notice.
Sandy Lane: Tell me about the marketing strategy you agreed for Sandy Lane.
First, I conducted market research to work out an achievable market rent, then I identified the target market. Once I did this, I contacted the landlord and agreed to market the property online and via our Facebook page. I managed viewings through email and telephone correspondence.
Is there any legislation affecting the erection of a letting board?
Permitted development rights, 1sqm, projection 1m form building, no illumination, remove within 14 days of letting and planning permission needed if conservation areas/listed.
