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Mock Questions Flashcards

1
Q

What is the definition of development? Where is it set out?

A

Definition of development is set out in the Town & Country Planning Act (1990)

the carrying out of building, engineering, mining or other operations in, on, over or under land, or the making of any material change in the use of any buildings or other land.

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2
Q

Does a landowner have to be party to a s.106 when they aren’t the developer? (i.e long leaseholds)

A

Depends on the LPA - some may wish all interested parties to sign.

There may also be a covenant within the lease that landowner has to sign off S.106 agreements.

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3
Q

What are the consequences for not complying with LC17?

A

ORR has a power to enforce licence conditions and penalise breaches under Railway Act 1993 and can:

  1. Impose financial sanctions on routes
  2. Impose financial penalties

These affect Network Rail Management bonuses.

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4
Q

Did you require planning consent for works?

A

Client is a statutory undertake and does not require planning permission to carry out certain works

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5
Q

How would you advise you client to mitigate liability of s.106 obligations when disposing of development land?

A

Recommend they speak to a solicitor and/or my client’s internal planning team.

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6
Q

Is compensation due from S.14 of the Railway Regulation Act 1842?

A

Yes - for loss / injury / inconvenience.

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7
Q

What are Network Rails money laundering firm requirements?

A
  1. Speak to LM
  2. Raise on Iethics
  3. Raise on Speak Out
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8
Q

What are some signs of modern slavery?

A
  1. No employment contract
  2. Must pay fees to obtain work
  3. Can’t prove they are legally entitled to work in UK
  4. Signs of abuse / malnourishment
  5. Few possessions / wear same clothes
  6. Scared
  7. Dropped off / collected regularly by same person at odd hours.
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9
Q

What are the regulations related to Managing Public Money?

A

Supply & Appropriation Act

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10
Q

What is best value?

A

Under the Duty of Best Value authorities should consider overall value,
including economic, environmental and social value.

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11
Q

How do you ensure any investment your client makes isn’t state aid?

A
  1. Avoid conflicts of interest scenario’s
  2. Receive recommendation from independent 3rd party surveyor to proceed with sale.
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12
Q

Define special purchaser?

A

A particular buyer for whom a particular asset has a special value because
of advantages arising from its ownership that would not be available to
other buyers in a market.

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13
Q

Define Special Value?

A

An amount that reflects particular attributes of an asset that are only of
value to a special purchaser.

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14
Q

How would you account for a low EPC in your valuation?

A

Shift yield to account for risk associated with low EPC

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15
Q

What is a yield?

A

Measure of investment return, expressed as a percentage of capital invested

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16
Q

What does EBITDA stand for?

A

Earnings before interest, taxation, depreciation and amortisation

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17
Q

How do you calculate Fair Maintainable Operating Profit (FMOP)?

A

Annual turnover less:
1. Costs / purchases
2. Operators remuneration

= FMOP

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18
Q

How do you calculate Market Value in the profits method?

A

Capitalise FMOP at appropriate yield

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19
Q

What cases set out time is of the essence?

A

United Scientific Holdings 1977 & Bello v Ideal View (2008)

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20
Q

What are the differences between a lease and licence?

A
  1. Lease provides occupier with estate in land / licence is permission to make it lawful to use
  2. Lease can be assigned / licence is normally a personal right
  3. Lease cannot be terminated until it expires (unless there is a break clause) - licence can usually be revoked
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21
Q

What case law sets out difference between a lease & a licence?

A

Street v Mountford (1975)

22
Q

What is a tenancy at will?

A
  1. Form of licence for an unspecified time
  2. LL can evict tenant at any time
  3. Used to allow early entry for fit out
  4. Used while tenant is agreeing a new contracted out 1954 Acr lease after lease expiry
23
Q

What are the four requirements of a lease?

A
  1. Exclusive occupation
  2. Rent
  3. Duration for specified term
  4. If more than 3 years, terms in writing, signed as deed
24
Q

On what three grounds can you appeal an Arbitration Award

A
  1. Tribunals jurisdiction
  2. Point of law
  3. Serious irregularity
25
Q

What must a s.25 notice contain?

A
  1. Name / address of LL & tenant
  2. Property address
  3. Notice of date to end tenancy
  4. Confirmation of whether opposed or granted
  5. Confirmation of date by which tenant must ask court for new tenancy
  6. Proposed rent if friendly
  7. Grounds for opposition if hostile
  8. Recommendation to seek professional advice.
26
Q

Does a protected tenancy end once it comes to the end of the fixed term?

A
  1. No - continues on same terms until terminated in accordance with the act - ‘‘Holding over’’
27
Q

When must a s.26 / s.25 notice be served?

A

Not more than 12 months and not less than 6 months

28
Q

How can you ensure a s.25 is valid?

A
  1. Must be in prescribed form required in accordance with Act
  2. Must be upon correctly named party
29
Q

How can you ensure that you have the correctly named party?

A

Send a s.40 notice requesting information from either the landlord or tenant

30
Q

Are you aware of any changes to L&T Act 1954?

A

March 2023 - Law Commission announces it intends to review P2 of the L&T Act 1954

Aim: to ensure that P2 works for todays commercial leasehold market

Commission aims to publish consultation paper in Autumn 2024.

31
Q

What are the four Assumptions & Disregards?

A

Assumptions:

  1. Available to let on open market between willing landlord and willing tenant for a term of years as stated
  2. Fit and available for immediate occupation
  3. All covenants observed
  4. May be used for purpose set out in lease (permitted use)

Disregards:
1. Effect of goodwill on tenants occupation
2. Goodwill attached to property
3. Tenants improvements if LL’s consent granted.

32
Q

Case Study:

Instead of the developer taking on liability, what could you ask them for?

A
  1. One off payment (lump sum)
33
Q

Case Study:

What else might a planning appraisal might look at, besides Local Plan/policy?

A
  1. Local Plan Stage
  2. Planning History
  3. TPO’s
  4. Listed buildings / conservation area
  5. Physical characteristics & environmental constraints
  6. S.106 & CIL requirements
34
Q

What might a local plan contain?

A
  1. Strategic Policies
  2. Housing
  3. Design
  4. Sustainability
  5. Implementation Policies
  6. Site Allocations
35
Q

What is the hierarchy of evidence for rent reviews?

A
  1. Open market lettings
  2. Lease renewals
  3. Rent reviews
  4. Independent expert
  5. Arbitration
  6. PACT
  7. Hearsay evidence
  8. Sale & Leaseback’s
  9. Surrender & renewals
  10. Inter-company arrangements
36
Q

What is an article 4 direction?

Where else are PD rights restricted?

A
  1. Issued by LPA where specific control over development
  2. Used to not allow PDR’s
  3. Registered as a land charge
  4. Compensation may be payable to owner.
  5. PD rights might be restricted for listed buildings & conservation areas.
37
Q

What kind of yield did you use? (Case Study)

A

Equivalent yield

38
Q

What is an equivalent yield?

A

Weighted average of NIY and Reversionary Yield

39
Q

What timeframes are associated with a S40 notice?

A
  1. Tenant / Landlord must respond within a month
  2. Further obligations to tell the other side of any changes to information given for a further 6 months.
40
Q

Why would you sell freehold rather than long leasehold?

A
  1. Higher capital receipt
  2. Removal of duty of care / liability
41
Q

What are some examples of finance for development?

A
  1. Debt Financing (Senior / Mezzanine)
  2. Joint Ventures
  3. Forward Sales
  4. Grants
42
Q

What are some of the limitations of residual valuation and DCF?

A
  1. Accurate info / input required
  2. Residual does not consider timing
  3. Sensitive to minor adjustments
  4. Implicit assumptions hidden in residual (DCF explicit)
  5. Cross-check with a comparable site valuation if possible
43
Q

How did you account for the costs of the right of way and the maintenance/service charge in your appraisal?

A

I didn’t - assumption was that the units would be sold off and a management company would implement service charge to the units.

44
Q

Can you give me a few points from the Town and Planning Act 1990?

A

S.106 - provides framework for legally binding agreement between LPA and property owner
S.78 - Grants right of appeal to SoS
S.73 - Allows LPA to remove / vary / discharge conditions

45
Q

Draft consultations, can you tell me the to stages of consultation regarding development sites within an emerging local plan?

A

Regulation 18 - Issues & Options

Regulation 19 - Consult on publication

SoS examination

Public Examination

Modify / reconsult if required

Adopt

Monitory and review

46
Q

Is there anything an LPA can adopt mid local plan?

A

SPD’s

47
Q

Does the draft local plan hold weight in a planning sense?

A

Draft local plan holds material consideration

48
Q

Why is the housing delivery test important? Can you tell me some of the percentage thresholds and the resultant actions required?

A

95% + = Test passed

75-95% = LPA required to investigate & publish action plan

  • 75% = some planning policies ignored - ‘‘Presumption in favour of sustainable development’’
49
Q

Relationship between housing delivery test & 5 year housing land supply?

A

5 year housing land supply is forward looking

Housing delivery test is backward looking

50
Q

When can you appeal a TPO?

A

Appeal to the high court on a matter of law:

  1. Not within the Act
  2. Act not complied with

Must be done with 28 days of decision.

APC (21 decks)

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