Leasing and letting level 2-3 Flashcards
level 2
how did you undertake the COI check for your leasehold disposal in Theale?
searched for the asset and the client in my firms internal database.
Once the COI check was undertaken and cleared I issued the TOE
Level 2
What was in your TOE for the leasehold office disposal in Theale?
PII
CHP
fee
payment of fee
scope of work
property
client
surveyors details
Level 2
what did you include in your marketing particulars for the office in Theale?
- size : 2,000 sqft
- specification
- amenities
- location
- EPC rating
- availability
- map
- floor plan
- connectivity / transportation information
Level 2
what were the unique selling points for the office in Theale?
- green spaces in the park
- fitted space
- EPC B
- cycle storage
- onsite lake
- car parking ratio 1:209
- walking / running clubs
- floating meeting room and onsite cafe
Level 2
What other marketing strategies could you employ other than a HTML?
- publish on AOS: target live requirements
- agents launch
- publish on data bases, Rightmove
- marketing on social media / linked in
Level 2
What was the advice you gave and why for the office disposal in Theale?
- focus on the key selling points in the marketing
- focus on targeting live requirements for fitted space.
- updated my client on progress and feedback from viewings.
Why?
client care
ensure the disposal was marketed, proactively targeting live requirements and reduce the void period.
Level 2
what was the specification of the office in the business park in Kent?
Cat B specification
- partitions
- kitchenette
- carpet
- raised access floor
- LED lighting
- VRV air-conditioning
- double glazing
Level 2
why was it important to take note of the specification, business park amenities and facilities?
For marketing purposes,
The business park included:
café, pub, green spaces.
facilities: EV charging points, car parking
Level 2
Kent business park
What budget had the client allocated for assisting in expediting the disposal?
They had a budget of £30 psf.
Level 2
What did the works for the light refurbishment include?
- painting
- new tiling in the toilets
- LED lighting
Level 2
What other methods could you have advised on, other than a light refurbishment in order to expedite the disposal?
- CGI images to market the office after the refurbishment.
- agents launch
- targeting relevant requirements
- HTML
Level 3?
what advise did you give for the office disposal in Crawley and why?
**what? **
* I advised my client to revert at a 10 yr lease w/a break in the 5th yr with 10 months rent free (initial offer: 5 year, 3rd year break)
**Why? **
* There was high levels of demand in the market
* the building was position well in the market against its competitiors, being located near the main station, newly refurbished, close to amenities and had an external car parking structure.
* And considering my client had invested capex into the refurbishment, it was in their interest to secure a longer term, to increase the term certain.
* I advised on offering a 10 month rent free, longer than the market standard of 6 months for this unit size to incentivese the longer term.
Level 3
you mention there were a few rounds of negotations, what were some factors considered and incentives offered?
- Incentives: Rent reduced from £29.00 (marketed asking) to £27.00 (above market).
- additional parking spaces on license
- rent review,
- limited conditions around the break clause - only on rent being paid.
Level 3
crawley
How was your advise benifical to your client?
secured a longer term certain
increased the investment value
reduced the void period
Level 3 crawly
What was the market sentiment you refered to?
high level of demand in the crawley market
the subject property was in the most desirable location near amenities and was going to be newly refurbished.
lack of new competitng supply.
Level 3
how did you know the site was able to accomadate EV charging points?
my client had commisioned an electrical survey to be undertaken as this was part of there medium term plans for the property and therefore my client had been informed that the EV charging points were able to be installed prior to the negotiation stage.
Level 3
What advise did you give for the office building in Gatwick and why?
what?
* to put into the lease a requirment for the EV charging points to be installed at the tenants expense and for the parking premises to be reinstated at the end of the lease at the tenants expense.
Why?
* to ensure flexibility for my client and ensure that the they are not responible for bearing the costs at the end of the lease - protecting them from technological advances.
What are 4 requirements of a lease?
- exclusive occupation
- if the lease is over 3 years it should be in writing and registed as a deed.
- payment of rent
- specified duration
can you explain the concept of contracting out?
S38a - L&T Act
* tenant had no right to remain in the property at the end of the lease
* LL must ensure the premisies is vacant or ensure there is a new lease in place at lease expiry - if the LL accepts rent then a protected tenancy may be created.
explain the procudure of contracting out?
The LL must serve a notice on the prospective tenant, warning that the proposed lease will not be protected health warning proposed tenant must make declaration in reponse confirming they have recived the notice and accept the terms.
procedure must be completed before the lease is signed.
What is a S25 notice?
and what forms of this are there?
LL serves a S25 notice when there is not more than 12 months and not less than 6 months on the lease left.
Friendly notice: which ends the lease and confirms the LL is prepared to enter into a new lease.
Hostile notice: where the LL opposes granting a new lease.
