Leasing & Letting

Question 1

What key principles from the RICS UK Commercial Estate Agency Professional Statement (2016) do you apply when negotiating lease terms?

Answer 1

Transparency: Ensuring all dealings are open and honest.
Fairness: Treating all parties equitably.
Professionalism: Maintaining high standards of conduct.
Conflict of Interest: Identifying and managing conflicts of interest.
Client Care: Acting in the best interests of clients

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Question 2

Can you elaborate on the specific guidelines from the RICS Code for Leasing Business Premises (2020) that you usually consult?

Answer 2

Negotiations and Heads of Terms: Ensuring clear and comprehensive heads of terms are agreed upon.
Lease Terms: Covering essential terms such as rent, duration, and break clauses.
Professional Advice: Encouraging all parties to seek professional advice.
Fairness and Transparency: Promoting fair and transparent negotiations

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Question 3

How do compliance measures impact your handling of the leasing process in your role?

Answer 3

Compliance measures ensure that all transactions adhere to legal and regulatory standards, which helps in maintaining trust and integrity in the market. They involve thorough due diligence, accurate documentation, and adherence to anti-money laundering regulations

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Question 4

What are some key steps in conducting conflict-of-interest checks, as per your experience?

Answer 4

Client Intake Procedures: Detailed procedures to identify potential conflicts early.
Documentation: Keeping clear records of all checks and findings.
Regular Updates: Updating conflict check systems regularly.
Training: Providing ongoing training to staff on conflict management

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Question 5

Can you explain the process you follow to perform anti-money laundering checks before receiving instructions?

Answer 5

Customer Due Diligence (CDD): Verifying the identity of clients using official documents.
Risk Assessment: Assessing the potential risk of money laundering.
Ongoing Monitoring: Continuously monitoring transactions for suspicious activity.
Record Keeping: Maintaining detailed records of all checks and findings

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Question 6

What happens if a potential conflict of interest is identified during these checks?

Answer 6

If a conflict of interest is identified, it is disclosed to all relevant parties. Depending on the severity, the conflict may be managed through informed consent or the firm may withdraw from acting for one or more parties

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Question 7

How does your knowledge of the different types of interests that may be placed on the market apply in your role?

Answer 7

Understanding different types of interests, such as leases, licences, and easements, helps in accurately assessing property rights and obligations, which is crucial for advising clients and negotiating terms

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Question 8

What legal frameworks do you often refer to apart from the RICS codes and guidelines?

Answer 8

Landlord and Tenant Act 1954: Governing commercial leases.
Housing Act 1988: Relevant for residential tenancies.
Law of Property Act 1925: Covering property rights and interests

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Question 9

Could you briefly describe a scenario where you have had to employ your understanding of market economics in leasing property?

Answer 9

During a lease negotiation for a retail space, I analyzed market trends, including consumer behavior and economic conditions, to advise the client on competitive rental rates and lease terms that would attract tenants while ensuring profitability

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Question 10

How critical are these compliance measures to the overall health of the real estate market, according to your experience?

Answer 10

Compliance measures are critical as they ensure transparency, fairness, and legal adherence, which build trust among stakeholders and contribute to a stable and reliable real estate market

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Question 11

What were the reasons for your client needing to find a subtenant for their property in Northampton?

Answer 11

The client needed to find a subtenant due to downsizing their operations, which left them with excess space that they wanted to sublet to reduce costs

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Question 12

What characteristics of the property did you focus on during your inspection to determine its marketability?

Answer 12

I focused on the property’s location, condition, accessibility, and amenities. These factors are crucial in attracting potential subtenants and determining the property’s marketability

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Question 13

What were the specific concerns of the potential tenant regarding the condition of the premises?

Answer 13

The potential tenant was concerned about the state of the HVAC system and the need for minor repairs to the flooring and lighting

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Question 14

How did you communicate with your client about the progress of finding a subtenant?

Answer 14

I provided regular updates through emails and meetings, detailing the inquiries received, feedback from potential tenants, and any necessary adjustments to the marketing strategy

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Question 15

What adjustments, if any, needed to be done to the property to make it more lettable?

Answer 15

Adjustments included minor repairs to the HVAC system, flooring, and lighting, as well as a fresh coat of paint to enhance the property’s appeal

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Question 16

What criteria did you use to compile a list of properties that would suit the needs of your client in the property searches of 2024?

Answer 16

Criteria included the size of the property, location, accessibility, condition, and rental rates. I also considered the client’s specific requirements, such as proximity to transport links and amenities

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Question 17

How did you coordinate between your client and your agency colleagues during the search process?

Answer 17

I coordinated by holding regular team meetings, sharing updates via email, and using project management software to track progress and ensure everyone was aligned with the client’s needs

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Question 18

What criteria were considered in the property searches of 2024?

Answer 18

The size of the property, location, accessibility, condition, and rental rates. Specific requirements like proximity to transport links and amenities were also considered.

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Question 19

How did the coordination between the client and agency colleagues occur during the search process?

Answer 19

By holding regular team meetings, sharing updates via email, and using project management software to track progress. This ensured alignment with the client’s needs.

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Question 20

What approach was taken to ensure the client’s needs were met in terms of size, location, and condition of the properties?

Answer 20

Thorough market research, arranging property viewings, providing detailed reports comparing options, and open communication with the client to understand their preferences and priorities.

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Question 21

Describe the process involved in the client’s decision making regarding potential acquisitions or remaining at their current premises.

Answer 21

Evaluating pros and cons of each option, considering financial implications, assessing how well each property met operational needs, facilitating discussions, and providing expert advice.

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Question 22

What role did daily calls play in narrowing down the property search?

Answer 22

Providing real-time updates, addressing concerns promptly, ensuring focused and efficient search process, maintaining clear communication, and aiding quick decision-making.

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