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Apc 2022 > Property management > Flashcards

Property management Flashcards

1
Q

What is the Occupiers Liability Act 1984

A

Obligation on the occupiers rather than the landowners. An occupier has a duty of care to all visitors to ensure the premises are reasonably safe

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2
Q

What is the RICS Guidance on Service Charges/Real Estate Management/Commercial Property Management

A
  1. RICS Professional Statement - Real Estate Management, 2016
  2. RICS Guidance Note on Commercial Property Management in England & Wales 2011
    - a guide to best practice for commercial property managers
  3. RICS Professional Statement - Service Charge in Commercial Property, 2018
    - came into effect 1st April 2019
    - improve general standards and promote best practice, uniformity, fairness and transparency in the management and administration of service charges in commercial property
    - ensure timely issue of budgets and YE Certs
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3
Q

What are the four usual methods of service charge?

A
  1. floor area
  2. Fixed percentage
  3. rateable value - difficult is RVs change or appealed
  4. Weighted floor area - shopping centre
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4
Q

What are the remedies for the rent default?

A
  1. Court proceedings
  2. use a rent deposit
  3. Pursue former tenants and guarantors
  4. Serve a statutory demand
  5. Commercial rent arrears recovery
  6. Forfeit the lease
  7. negotiate a payment plan
  8. Agree another mutually acceptable arrangement
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5
Q

When did the RICS Professional Statement - Service Charges in Commercial Property, 2018 come into action?

A

1st April 2019

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6
Q

What are the various forms of insolvency?

A
  1. administration
  2. Receivership
  3. company voluntary arrangements
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7
Q

What is the definition of repair?

A
  • liability cannot arise in the absence of repair
  • repair is a distinct form of renewal and a tenant cannot be expected to hand back wholly different premises.
  • tenants may be responsible for inherent defects
  • repair is not an improvement
  • an effective fri lease is when the landlord is responsible for repairs and re-charges via the service charge
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8
Q

There are FOUR main options for a LL to consider who is not repairing their property:

A
  1. Serve a repair notice
  2. Forfeit the lease
  3. serve an interim schedule of dilapidations
  4. Do the works and charge the tenant
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9
Q

What would you follow over a handover arrangement?

A

The RICS information paper on commercial property handover procedures 2015 provides on how to handle a change of managing agent or client

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10
Q

What is the Landlord and Tenant Act 1988?

A

Aim of legislation to ensure that a statutory duty exists on the landlord to deal with consent diligently and not be unreasonabley withheld or delayed failure to do so can result in successful claim for damages

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11
Q

What is the difference between assignment and sub-letting?

A

Assignment - has a direct relationship with the landlord

sub-let - has a direct relationship with the tenant and pays them rent who pays the landlord

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12
Q

What would be a reason to sub-let?

A
  • requirement of the lease
  • for part of the demise not the whole
  • if the market rent is higher than passing rent then there is a profit rent
  • if the tenant wants to re-occupy in the future
  • the new party is of a lesser covenant strength
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13
Q

What does the LTA 1995 relate to?

A

Assignment of leases, it introduced an authorised guarantee agreement

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14
Q

The four key points of alterations

A
  1. Carried out by a tenant during the lease
  2. Must be approved in writing by the landlord prior to undertaking works
  3. Subject to reinstatement at the end of the lease
  4. Some works such as de mountable partitioning or other non structural works may not require landlords consent
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15
Q

Information on a LTA

A
  1. Completed before works commence
  2. Undertaking for costs at the commencement of the instruction
  3. LTA - protects the parties at rent review and dilapidations at the end of the lease
  4. Most licences require the tenant to reinstate the works at the end of the lease
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16
Q

What RICS guidance is applicable to alterations

A

RICS Licence for Alterations Guidance Note, 2013

17
Q

What is the LTA 1927

A

If a lease prohibits improvements being made to a property without landlord consent, S19 of the act imposes a proviso that such consent cannot be unreasonably withheld
If been followed, the LL may be obligated to pay compensation to alterations that may constitute improvements

18
Q

What is the limit of indemnity of Liability up to £500,000

A

The greater of 2.5% Of the sum insured or £10,000

19
Q

What is the liability of over £500,000

A

2.5% Of sum insured

20
Q

What is a part 36 offer

A

To settle disputes at lease renewal

21
Q

How long does PPM last

A

Term of 10 years

22
Q

What is a statutory demand?

A

The first step to winding up tenants assets

23
Q

If at Lease Renewal, the tenant goes to court how long can the court grant a new lease?

A

15 years

24
Q

How long must the rent not have been paid in order to forfeit

A

21 days

25
Q

What is the notice to serve is tenant in breach of their repair

A

S.146 of LAw and property act 1925

Section 1 leasehold covenant act 1938
The act applies to leases granted for a term of 7 years or more, and has at least 3 years until lease expiry

26
Q

If you had just taken over as Managing Agents what check would you carry out

A 
Risk Assessment 
Asbestos
Heating & Cooling
EPC
Gas Safety
Engineering cycle
Legionella
27
Q

What is a calderbank offer

A

A Calder bank offer to save costs before court. Prior to arbitration, abitrators award same as offer the party that loses has to pay the award

28
Q

Receivership

A

Used when a company defaults in payment to a lender who is secured by a fixed charge
Usually this procedure is only where the floating charge pre-dates September 2003
An administrative receiver or law of propert act receiver is appointed by creditors to release assets to repay debts

29
Q

What are the different types of air conditioning

A 
VAV - variable air volume
FAN coil - usually 4 pipe
VRV variable refrigeration volume
Static cooling 
Mechanical ventilation
30
Q

What is a statutory demand

A

Tenant has 21 days to pay arrears
After this time period, the landlord can present a bankruptcy or winding up petition to the court if the arrears are over £750
Court has the residual discretion to set aside a statutory demand

31
Q

What is the recovery of rent arrears from an assignor timetable

A

Within 6 months

32
Q

What was the covid 19 prohibition for rent recovery and repossession

A

Section 82 of the coronavirus act prohibited tenants from forfeiting a business tenancy for non payment of rent between 25 March 2020 and 25 March 2022

33
Q

What is excluded in Industrial Warehouses

A

Canopies fire escapes and covered ways

34
Q

What notice must be served for dilapidations?

A

Section 146 of the law of property act 1925

Apc 2022 (3 decks)

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