Property Management Flashcards
What case law depicts the lease v license?
Street v Mountford
What is the difference between a lease and a license?
A lease must have:
- exclusive possession
- a rent
- a defined term
A license does not
You mentioned legislative changes, can you give me an example
Repairing Standard 2027
From 28 March 2027, tenancies under AHA tenancies will have to meet the repairing standard.
Minimum Energy Efficiency Standards (MEES)
Proposals to introduce a minimum EPC from 2028 in the Scottish PRS.
What is the Repairing Standard?
A home meets the repairing standard if:
- it is wind and watertight.
- the exterior and structure are in reasonable condition.
- The instillations for water, gas, electricity, sanitisation and heating are in a reasonable state of repair and working order.
What Act sets out the original provisions of the Repairing Standard?
Housing (Scotland) Act 2006
Are you aware of any new provisions to the Repairing Standard?
Yes, from the 1st of March 2024 the following was introduced:
- from the boundary stopcock to the kitchen tap must be free of lead.
- fixed space heating systems with the capacity to heat one room to 21 degrees must be installed.
What properties are governed by the Agricultural Holdings Act 2003?
- Short Limited Duration Tenancies
- Limited Duration Tenancies
- Modern Limited Duration Tenancies
When was the MLDT introduced?
On the 30th of November 2017, by provisions bought about by the Land Reform (Scotland) Act 2016.
What properties are governed by the Private Housing (Tenancies)(Scotland) Act 2016?
The Private Residential Tenancy (PRT)
What was the purpose of the Private Housing (Tenancies)(Scotland) Act 2016?
To improve the following for tenants:
- security
- stability
- predictability
In the PRS.
What are the main provisions brought about by the Private Rented Housing (Scotland) Act 2011?
To promote and support responsible landlords and address problems caused by unlawful landlords by:
- More strict landlord registration process
- Increase in fines for acting as an unregistered landlord
- Provisions for a landlord to provide tenants with an information pack
What are the responsibilities of a Landlord under a PRT?
- Ensure the property is meets the Repairing Standard prior to let.
- If on a private water supply, ensure it alliins with relevant legislation.
- Deal with antisocial behaviour by tenants.
What are the responsibilities of a Tenant under a PRT?
- Report repairs in a reasonable timeframe
- Minor repairs
- Keep your property secure
‘fair ware and tare is OK’
What is the Water Intended for Human Consumption (Private Supplies) (Scotland) Act 2017?
A set of legislative measures aimed at ensuring the safety and quality of water intended for human consumption from private sources in Scotland.
The supply must feed 50 or more people per day.
What restrictions were imposed by the Cost of Living (Tenant Protection) (Scotland) Act 2022?
- Eviction moratorium
- Rent freezes
- Rental caps
All of the above ended on the 31st of March 2024.
What requirements must be let before letting a resi property?
- Repairing Standard
- Gas Safety Cert (if applicable)
- Electrical Instilation condition Report (EICR)
- Up to date Energy Performance Certificate (EPC)
- Ensure carbon monoxide and smoke alarms working.
- Heat alarm in kitchen
How often do you renew a gas safety cert?
Annually
Wow often do you renew EICR?
5-years
How often do you review EPC?
10-years
How often should chimneys be swept?
Annually
What do you look for during your property inspections?
- Any neglect from the tenant.
- Any repairs the tenant has failed to notify or may not have noticed.
- I am sure to allow for fair ware and tear.
How do you instruct works if required?
- Take record when at the property.
- Notify our works department.
- Give the tenant prior warning before any trades people access the property.
You mention your tenant was in breach of their tenancy agreement. Please explain.
- Keeping pets without prior consent from the landlord.
- It was apparent they were smoking in the property.
- Damp was beginning to affect the structure of the property.
How do you ensure rent is paid on time?
Our accounts department issue weekly ‘debtors’ statements. These are analysed in depth upon receipt.
Where relevant, debtors are contacted.
Make it clear to tenants when rent is due, as agreements differ.
How do you contact debtors?
Via email, with an accurate breakdown of the monies due.
Did you consider evicting the tenant @ Bowmont Forest?
This was not a consideration because:
- They were not in 3-months consecutive arrears.
- They were historically good tenants, renowned for paying on time.
What do the budgets prepared by the Estate building surveyors outline?
- Expenditure
- Current v Forecast rent
- Payback period (years)
- Return on Investment (ROI)
What is Return on Investment (ROI)?
A performance measure used to evaluate the efficiency of an investment.
What yield would you expect to achieve on a residential property?
Between 5 & 7%
