Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

APC Revision Session > Property Management 1 > Flashcards

Property Management 1 Flashcards

1
Q

Talk me through the process to assign a lease?

A

Read the lease and check the alienation provision
Find out who you’re assigning too to carry out financial review, credit report, sanctions check

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

What is a ground for reasonably withholding consent?

A

Use of property
Covenant strength

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

How might you protect landlords interest in an assignment?

A

Request an AGA and additional rent deposit

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

What is an AGA

A

Authorised Guarantee Agreement
Outgoing tenant guarantees the performance of the incoming tenant

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

What legislation is AGA?

A

Landlord and Tenant (covenants act) 1995

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What section of the act allows you to pursue a guarantor?

A

Section 17 of Landlord and Tenant (covenants) Act 1995

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

How long do you have to pursue a guarantor?

A

6 months from debt arising

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

If guarantor pays the arrears, what dos it give them the right to do?

A

Get an overriding lease

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Whats the first thing to do when a tenant falls into arrears and aren’t responding to emails?

A

Go to site
Check RD
Check Guarantor
CRAR

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

What are the stages of CRAR?

A

Minimum 7 days outstanding
7 day notice
Visit site, and take stock and enter controlled goods agreement

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

Whats the value of the goods that can be seized?

A

Value of rent outstanding

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

What can’t enforcement agents seize?

A

Anything on finance/leased
Tools of the trade

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Can you speed up the CRAR process?

A

Court order to reduce 7 day notice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

If you have a retail unit with a flat upstairs, can you CRAR the retail unit?

A

CRAR under the commercial lease

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What if the property is let on an overriding lease? One lease for both retail ground and flat above?

A

No cannot CRAR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

If you want to wind-up the tenant, what do you do?

A

Serve a stat demand

17
Q

If you want to gain possession, but don’t want to wind them up, what would you recommend?

A

Peaceable re-entry (change locks) – 21 days after due is normal
Check forfeiture clause as it may be different

18
Q

How do you regain possession for a breach in repairing covenant?

A

Serve a S.146 notice

19
Q

How do you serve a S.146 notice?

A

Through court (via solicitor)

20
Q

How long does a tenant have to rectify a repairing breach S.146?

A

6 months

21
Q

What’s the principle of the SC code?

A

Promote transparency and seek to resolve disputes

22
Q

How does the SC code seek to improve transparency and resolve disputes

A

Sets out 9 mandatory requirements

23
Q

What are some of the 9 mandatory requirements set out in the SC code?

A

All expenditure in accordance with the lease
Budgets within 1 month and recs within 4 months
Apportionment matric and explanatory comments issued with all budgets / recs
Service charge monies must be held in one or more discrete bank accounts
Must not recover more than 100%of actual expenditure

24
Q

What are management fees based on?

A

Fixed fee, based on a reasonable time spent

25
Q

What would you typically expect to see in a SC budget?

A

Apportionment matrix
Explanatory comments
Management fee
Landscaping
M&E contract provision
previous years budget figures
anticipated expenditure for the current year

26
Q

What do you do if there is a surplus in the SC account at the end of the year?

A

Return to tenants through BSC

27
Q

How might you protect your Clients and tenants if you have a PPM that indicates that there will be substantial works of repair to the property in 5 years?

A

Sinking fund

28
Q

What is a sinking fund?

A

Monies gathered ispecifically for certain repairs to be undertaken in the future

29
Q

What would you do if you had a situation where there was unforeseen expenditure?

A

Forward fund from the landlord and then recover in following budget years (phased increase or in 1 year)

APC Revision Session (13 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions