Questions Ask About Property

Question 1

Basic information about a property?

Answer 1

• Freehold or leasehold
• Investment - is the client an institutional investor? Individual with substantial property portfolio? What is their experience?

Question 2

Information about stage in conveyancing process

Answer 2

• Are there any interested buyers?
• What kind of buyer would you want?
• Have you been using an estate agent? What stage are you at with marketing and estate agent for the property(s)?

Question 3

Building/Property details: Understand the physical description/layout of the property?

Answer 3

So I can visualise the property, please can you describe to me the layout of the property/land?

Specific questions if residential:
- Is there parking?
- Is there access to a main road? Who can use this road to access the main road? Who pays to maintain it? What is the condition of the road?

Specific questions if building (communal of part / whole)
- Parking?
- Communal spaces (e.g., toilets or lifts)? Service charge costs?
- Shared lift access? Reception area?
- Bins?

Question 4

Condition of the property/building?

Answer 4

What is the condition of the Building?
- How recently has it been refurbished?
- How recently has it been built?
- Is construction work finished?

Check stage of construction and the condition

Question 5

Demise/Property if shared office/building space

Answer 5

• Reception area
• Communal toilets
• Communal staircase
• Lifts
• Heating and ventilation
• Storage and bins
• Parking
• Garden

Ask: who is going to be responsible for the upkeep and maintenance? What will the tenants/buyers have access to?

Question 6

Residential property/demise

Answer 6

• Access to a main road: who is responsible for maintenance? What will buyers/tenants have access to?
• Is there a shared drive?
• How do you want to maintain your security? How do you want to protect your land?
• Parking?
• Is there anything else on the outside of the property we should be aware of (statutes/trees/etc)?

Question 7

What obligations do you want to impose on buyers/tenants?

Answer 7

• Find out what the obligations are
• Advise on commercial viability - whether a buyer is likely to want to buyer with these restrictions
• Consider negotiation
• What does client not want to concede on? What are they willing to concede on?

Question 8

Sale

Answer 8

• What sort of buyer are you interested in?
• Are there potential buyers?
• What is your ideal timeframe for selling/leasing?
• Is there a time pressure?