Level 3 Questions Flashcards
What advice did you provide at Harwich?
- Adequate security for secured lending purposes
- Advised specialist advice was commissioned (Contamination, The Environment & Sustainability (2010)
- Advised valuation was on the assumption that there was no further contamination
Walk me through what you did at Harwich?
- Competence / COI / Due Diligence
- External & Internal Inspection (Masonry w/ concrete frame / Asbestos roof tiles)
- Re-measurement ( measurement previously undertaken)
- Uploaded photos / measurements on files.
- Residual / Investment valuation (Redbook)
- Provided market value & market rent - caveated that subject to no further contamination.
- Reported to client & uploaded valuation and report onto file.
Case Study
Talk me through your conflict check for this instruction?
- Followed my employers conflict of interest guidance and referred to RICS Professional Standard on Conflicts of Interest (2018)
- Reviewed parties to ensure that there were no personal interests - sent an email to heads of Commercial Estate team, Development & Sales team and Planning team to ensure none of my colleagues had a conflict of interest.
- Determined there were no Conflicts of Interest and proceeded with the instruction
- We are yet to market the site but this represents the biggest opportunity for a conflict of interest - where a colleague of mine / or myself may have a relationship of some sort with a potential bidder.
- My employers policy is to inform your line manager of any potential conflicts and report the conflict on iEthics - if there is a conflict you are removed from the project and/or moved into a different team depending on the situation.
- When I was on secondment at Avison Young we would have software that would assist and would circulate instruction to directors.
Case Study
How did you establish your client’s objectives for the project?
- Met with client prior to commencing instruction to determine their timelines, and what they sought to achieve from the sale.
- Have weekly catch-ups with client where they can highlight any changes to objectives (i.e change from auction to informal tender)
Case Study:
How did you go about measuring the property?
Referred to RICS Code of Measuring Practice (2016) and RICS Guidance Note Land Measurement for Planning and Development Purposes (2019)
Measured the property on a site area basis utilising online mapping software and trundle wheel
Case Study:
How was the site initially identified as surplus?
- Property sat on our commercial estate portfolio
- Received business and technical clearance which determined there were no internal operational requirements barring a new station entrance on the northern element which was removed.
- Received LC17 consent which determined that it was surplus to external requirements from TOC’s / FOC’s
Case Study
Could you summarise the legal and regulatory framework around the disposal of railway land?
Licence Condition 17 of Network Rail’s Network Licence
- Business & Technical Clearance
- LC17 - General Consent
Case Study:
What delays did you perceive at the outset of this project for your client?
- Technical Clearance
- LC17 - Consultation
- Sale itself
Case Study:
What consideration did you give to the financial implications of options 1 and 2 within key issue 1 when advising your client?
- High level appraisal justifying further expenditure / disposal
2.
Did you engage in pre-application advice with the LA? Tell me about this? How did you advise your client as a result?
Why did you consider four storeys above ground would be considered appropriate?
Why did you advise your client to pursue a mixed-use scheme?
Talk me through hypothetical scheme A and B, how did you devise this split in provision?
- Why did you uplift the build costs for the residential specifically by £30psft?
- What consideration did you give to new build premium within your valuation?
