Property Management Flashcards
What is the new RICS professional standard?
Property agency & management principles (2024)
What other RICS document is there?
RICS Guidance Note on Commercial PM (2011)
What does the RICS PS: Property agency & management principles (2024) do?
Provides advice on a variety of aspects of PM: ethics, securing instructions, new letting/lease renewals, managing RE and ending an instruction
What does the RICS Guidance Note on Commercial PM (2011) do?
Focuses on how a PM can be efficient, effective rice and accountable to a client and comply with statute law.
Primary duty of care is to the client/ll
What is alienation?
It is a right granted to a tenant to sublet, assign or share occupation of their lease
What is a sublet?
When the sub tenant has a direct relationship with the tenant who has the relationship with the LL
What is an assignment?
Tenant have the direct relationship with the landlord
What are some reasons to sublet than assign?
Requirement of the lease,
Only part of the demise,
Reoccupation
What are the 3 types of alienation clauses and what do they mean?
Requirement of the lease,
Only part of the demise,
Preoccupation
What can you tell me about LL consent?
Forfeiture, damages or injunction
What are the actions undertaken when dealing with an assignment/sublet?
Read the lease
Will t give an undertaking for surveyor/legal costs?
Impact on value
What are LL remedies for illegal alienation?
Forfeiture, damages or injuction
What is the L&T act 1995?
It relates to assignment of leases and abolished probity of contract and introduced AGA
What is AGA?
Authorised guarantee agreement and is when the outgoing tenant guarantees that the incoming tenant will fulfil their obligations outlined in the lease
What are the 2 useful functions of an LTA?
- Protect the parties at RR
- Dilapidations at the end of the lease
What are the actions undertaken when completing an LTA? (7 steps)
- RTL
- Full set of plans
- Undertaking for surveyor and legal costs
- Check equality act, RAMS, public liability insurance
- Provide report to client
- Instruct LL lawyers
- Inspect works
What does the L&T act 1927 do?
If a lease prohibits improvements within LL consent, section 19 imposes a provision that such consent cannot be unreasonably withheld
When do dilapidations take place?
At lease expiry
What is a schedule of condition?
Property’s condition at the start of the lease
What are dilapidations?
Take place at lease expiry to bring property back to its condition at the start of the lease assuming there is a repairing liability. Carried out by a building surveyor
How would you go about managing an empty building?
- building insurance
- obtain an EPC
- inspections
- H&S, risk assessment
- squatting
