Submission - Competencies Flashcards
What is included in Build Costs?
-Super structure (building work above ground)
-Sub structure (foundations)
-Preliminarys (management)
What were you build costs for Stow Longa?
Stow Longa was a conversion therefore we applied a 30% discount to the BCIS NH build costs. This varies depending on the state of the building.
(Typically apply 30-50% depending on the structure of the building)
What are the types of overages and explain them?
Overage is an uplift in the value of land. There are two types; sales or planning.
Sales overage is an uplift payment payable by the developer where revenue generated by the developer exceeds the expected base revenue and agrees to share this with the seller.
Planning overage is an uplift payment that is payable once planning permission is obtained as this has caused the value of the land to increase
What are the key parts of the inspection you did for ‘x’?
- Date of inspection and who did it
When was asbestos banned?
- Chrysotile (white) banned 1999.
- Amosite (brown) banned 1985.
- Crocidolite (blue) banned 1985.
What are the different types of sensitivity analysis?
- Normal: adjusting the percentages (build costs etc)
- Scenario testing: (eg. Papworth) different planning outcomes
- Monte Carlo: online system which creates randomness (never done in practice)
How might you differ your inputs on a Brownfield site to Greenfield?
(- Adjust the contingency)
- Consider contamination/ demolition works etc.
- Are there already utilities in the site?
What are the disadvantages of ProDeveloper?
Cons:
- Doesn’t have the ability to do a sensitivity analysis
- All inputs put in need to be accurate
What were the key headings of the Terms of Engagement for ‘x’ (Purchase and Sale)
What were the key headings in the Terms of Engagement for ‘x’ (Valuation).
What is the different between GIA, GEA and NIA?
GIA - total internal floor area
GEA - outside face of the external walls
NIA - useable floor area
What IPMS did you consider when doing your development appraisal of the site at Hail Weston?
IPMS 1 - for build costs
IPMS 3 - for houses
What is IPMS 1
Measured to the outer perimeter of external construction features
What is IPMS 3
Measures the useable floor area (replaces NIA).
What are the RICS 5 ethical standards?
- Take responsibility
- Treat others with respect
- Act in a way that promotes trust in the profession
- Always provide a high standard of service
- Act with integrity
What are the RICS Rules of Conduct?
list
You state you report offers within 48 hours to comply with estate agents act, what does the estate agents act say in regards to reporting offers?
Estate agents must inform sellers of offers in writing – either letter, email, or fax – and they must be passed on promptly from the offer being made.
Please can you explain an example when you provided good client care?
Visiting an elderly client in Doddington - marketing appraisal in writing and explained to her.
Please can you give an example of when you negotiated effectively?
Guilden Morden - negotiating additional land payment
Define an overage?
An overage is a contractual mechanism which allows a seller of land to potentially benefit from any subsequent increase in the land’s value after having sold it.
Two types: planning and sales.
How did an overage benefit your client of the site in Gamlingay?
Potential to cut up the bigger dwelling to 2 smaller ones and therefore increase the GDV.
For your example in Guilden Morden why did you advice the site would likely sell in excess?
Looking at the comparable evidence of similar properties as well as other sources and general market data it was likely a self-builder would purchase the site and therefore they may not wish to achieve the 20% profit which a developer would.
How much did he buy the site at Alconbury for and what was it worth now?
Site was bought for £425,000 and it was worth £475-500k together or £525-550k if sold separately.
With the site in Alconbury why did splitting it in to two dwellings not increase the value?
Market had changed - build costs increased and GDV decreased.
What does the Home Survey Standards Professional Statement set out?
-Undertake inspections to support research
-Must be familiar with the locality
-Reporting surveys
What is the structure of the Home Survey Professional Statement?
-Introduction
-Setting up the service
-Carrying out service
-Report
Why did you use IPMS 3B for Great Stukeley?
Internal - multiple occupancy
What is the difference between IPMS 2 and IPMS 3B?
Unlike IPMS 2, IPMS 3B does not include external areas like balconies or terraces.
What is the definition of hope value and where is this defined?
In the Valuation of Development Property.
Hope value is an element of market value in excess of the existing use value [EUV], reflecting the prospect of some more valuable future use.
