Leasing/ letting Flashcards

1
Q

What are the key legislations covered under this competency?

A
  • The Housing Act 2004: TDS & HMOs
  • The Housing Act 1988
  • Introduced 2 types of tenancy: Assured tenancies and ASTs
  • Section 21: possession
  • Section 8: NTQ due arrears etc
  • Landlord and Tenant Act (1954)
  • The Immigration Act (2014 & 2016)
  • Tenant Fees Act 2019
  • The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

When is a S21 defective

A

When the tenants has not been provided with the following:

EPC
How to Rent Guide
Gas Safety Certificate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Tell me about Right to Rent?

A
  • Introduced by the Immigration Act 2014
  • Before you can rent in England, you need to prove your right to rent to your landlord.
  • If you’re a British or Irish citizen, you can prove your right to rent in England by showing your landlord one of the following:
    . a British passport (current or expired)
    . an Irish passport or passport card (current or expired)
    . a certificate of registration or naturalisation as a British citizen
  • If you’re not a British or Irish citizen, you can prove your right to rent in England with:
    . a share code - you can apply for a share code online
    . your original immigration documents
    Home office is statutory body to report to with anything to do with right to rent checks
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is an Enhanced Due Diligence check and what does it involve?

A

a. If a person is from a high-risk country
b. Politically Exposed Persons and/or their family members
c. More detailed examination of their background and purpose of transaction e.g. investigating source of funds, obtaining additional identity information
d. Increased monitoring

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are some necessary due diligence checks prior to commencing an agency instruction?

A
  1. Confirm client entity
  2. Confirm property address
  3. Conflict check
  4. Check your competence
  5. Inspection/measurement of property
  6. Review of title documents
  7. Check planning history
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the different forms of residential agency?

A
  • Sole Selling Rights - If agent isn’t involved in sale still gets fee
  • Sole Agent rights to a fee - only if they find the potential purchaser
  • Mult agency – vendor appoints multiple agents - successful agent gets fee
  • Joint agency – 2 agents appointed - share a fee/ commission
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is Smart Search

A

a. Experion data
b. Dow Jones Financial watchlist
c. Does AML checks and flags anyone PEP
d. Checks if docs are fraudulent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Talk me through how you conducted a Right to Rent check.

A
  • Must check all tenants over the age of 18
  • Time-limited – must be done 28 days before start of tenancy
  • Check in person – Passport, visa, proof of address (dated within 3 months)
  • If BRP has not yet come -> check with UK Visas and Immigration
  • Info can be certified by a third party professional
  • Make colour copy and retain for tenancy + 12 months
  • Check with the home office if don’t have the correct documentation.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

When do you not need to do a right to rent check?

A

a. Student accommodation
b. Social housing
c. Care home
d. Hospice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the penalty for not performing a right to rent check?

A

a. Up to 5 years imprisonment
b. £5,000 fine per lodger in rented accommodation if first offence
c. £10,000 fine per occupier in rented accommodation if previous offender

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are the 3 types of tenancies and how they differ?

A

Assured Tenancy
- only issued by HA and LA

Assured Shorthold Tenancy (AST)
- not issued by a LA
- introduced by the the housing act 1988
- rent has to be under £100k

Regulated Tenancy
- tenancies before 1989
- can be inherited
- secured tenancy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What documents should you provide tenants with at the beginning of their tenancy?

A
  • Deposit details/ paperwork
  • How to Rent guide
  • EPC
  • Gas safety Certificate
  • Tenancy agreement
  • Electrical safety certificate – EICR (Electrical Installation Condition Report) (1st July 2020 -) - done every 5 years
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

How would you conduct referencing for company lets

A

AML checks on any shareowners with a 25% stake

How well did you know this?
1
Not at all
2
3
4
5
Perfectly