Level Three - Example One (Kensington)

Question 1

What was included in your offer letter?

Answer 1

• Address
• Tenure
• Tenancy
• Purchaser
• Due diligence
• Purchase Price
• Deposit
• Funding and approvals
• Conditions
• Timeline
• VAT / TOGC
• Solicitor
• Legal costs
• Exclusivity and Confidentiality

Question 2

Comparable rental and investment evidence: what is your understanding of the hierarchy of evidence?

Answer 2

TBC

Question 3

What other “key characteristics” were you making adjustments for?

Answer 3

• Size
• Floor
• Condition

Question 4

What was your clients requirement?

Answer 4

West end, fully let, development refurb potential

Question 5

What might be some other requirements?

Answer 5

Fully let income producing - lower risk
Medium risk - potential for future development
VP - development potential

Question 6

You mention here you inspected the property, what do you look for when inspecting a property for investment purpose?

Answer 6

Configuration, floor units, quality, local area, duration - good for comps
General overview of the property

Question 7

You made certain adjustments, how did you make those adjustments?

Answer 7

If subject property is second hand space and I am looking at something that is newly refurbished I would comparable this with other comparables that are second hand space and see what the difference is

Question 7

What characteristics do you look for in comparable evidence?

Answer 7

NIY, WAULT, tenure, purchase price

Question 8

You had a detailed report of price, what was in this?

Answer 8

Strike prices, outcome of different rent psf etc

Question 9

What was in the Heads of Terms?