Leasing/Letting Flashcards

1
Q

What legislation is key for leasing and letting ?

A

Estate Agents Act 1979

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2
Q

What does the Estate Agents Act 1979 consist of?

A
  1. Terms of agency - (clarity)
  2. Honest & Accuracy
  3. Absence of discrimination
  4. Tell clients all offers
  5. Agreement and liability of costs
  6. Keep clients money seperate
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3
Q

Name the core principles of RICS: UK Commercial Real Estate Agency (2016) 912 in total)

A

Act in an Honest and professional manner
Work with due skill
Fair terms of business
no conflicts
do not discriminate
timely communication
accurate marketing
PII

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4
Q

Heads of Terms for a lease include ?

A

Date
Property
Landlord
Tenant
Agent/solicitors details

Rent
Incentives
Rent Review
Breaks
Repairing
Alterations
Alienation
Conditions

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5
Q

What are the 4 requirements of a lease ?

A
  1. Exclusive occupation
  2. Payment of rent
  3. Duration for a specified term
  4. Registered as a deed (more than 3 years)
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6
Q

What is a license ?

A
  • Right to enter a property
  • Personal arrangement between licensor and licensee
  • Licensee acquires no interest in the property
  • Can be terminated at any time by any party.
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7
Q

What are main the differences between a lease and a license.

A

A lease cannot be terminated until expiry, whereas a license can be cancelled at anytime.

Lease provides an occupier with estate in the relevant land, whereas a license is just permission to use the land.

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