Leasing & Letting Flashcards
What is the difference between a lease and a licence?
A lease grants exclusive occupation to the tenant, whereas a Landlord can enter a property at any time under a licence.
What is Section 18 of the Estate Agents Act (1979)?
You must declare your fees to the client and when they will be payable.
What is Section 21 of the Estate Agents Act (1979)?
You must declare if you are acting in an agency capacity and the person you are acting for is a connected person or if you have any personal interest in the property
If a tenant is unrepresented, what would you recommend?
I would suggest that they seek professional advice in accordance with the Code for Leasing Business Premises (2020) Professional Standard, and refer them to the Heads of Terms template therein, as well as the document generally.
What is an agreement for lease?
An agreement for lease is a legal document used to record a pre-let arrangement for a property which is not yet occupiable. Obligations for both parties prior to occupation and during the lease will be attached to the agreement for lease and a long-stop date is included after which if the property is not yet occupiable then the agreement falls away.
What did you include in your Terms of Engagement (client) for Ely House?
As this was an instruction under an existing services contract, I did not agree specific ToE. However, if it were a new instruction, I would:
- Fees and when they are payable
- Timeline of the instruction
- How to confirm/terminate my appointment
- Any other costs (e.g. marketing)
- Complaints Handling Procedure with a copy available on request
Who had to agree your HoTs for Ely House?
The Landlord and the Tenant; I issued the proposed HoTs to both my client and the tenant’s surveyor for approval.
What is the purpose of the Misrepresentation Act 1967?
To protect consumers from false or fraudulent claims which may influence their decision to purchase a property.
What is the purpose of the Consumer Protection from Unfair Trading Regulations 2008?
To protect consumers from unfair or misleading trading practices, ban misleading omissions, and aggressive sales tactics.
What were the main features/purpose of the Landlord and Tenant Covenants Act 1995?
To abolish privity of contract and introduce Authorised Guarantee Agreements
