Things I don't know Flashcards
What is collective enfranchisement?
LTA Act 1987 and Leasehold residential, housing and reform act 1993
Rights for tenants to collectively buy in freehold of a leasehold if LL’s duties are not being fulfilled.
Is an EPC needed for sale?
Yes
Are agency fees inc. or exc. VAT?
Exclusive of VAT and disbursements
What is included in a legal pack?
Measured surveys, building surveys, title searches, local authority searches
When did you get surveys done?
I instructed them in the pre disposal process so that they were ready
How did you assess proof of funds?
Letter from bank manager confirming party had adequate funds to transact accordingly
What is included in phase 1 dataroom?
Title, leases, draft headlease
What is included in phase 2 dataroom?
Utility bills, service charge, more granular info on tenants
Do you need planning for advertisement boards?
Yes - Town and Country Planning Regulations - 2007
- Planning required for boards over 2 sq m (flat) and 2.3 sq m (V board)
- 1 board per building
- No more projection than 1m from building, no more than 4.6m from ground
- illuminated, remote, listed buildings, conservation areas (planning also needed)
- Owner’s approval needed, Westminster must be black and white
What is Section 24 of 1954 Act?
Business tenancy to which the Act applies, does not expire with time but only when one party serves notice.
Section 25?
LL’s notice served no more than 12 months and no less than 6 months before date of termination of tenancy. Must:
- relate to whole property
- state date of termination
- Non-hostile notice: proposed terms of new lease must be stated
- Hostile notice: grounds for opposition must be stated
Section 26?
Tenant can serve notice requesting new tenancy, with date not more than 12 months and not less than 6 months after request made.
Must state tenant’s proposals for new lease alongside rent. If LL opposes, counter to be served within 2 months
Section 37
Tenant due compensation
14 years + - 2x rateable value
less tha n14 years - 1x rateable value
Benefits of zoning?
-Allows valuer to attribute value to most valuable part of shop
-Unit of comparison for different sized buildings
-Treatment of return frontages
-Natural zoning when building has physical constraints
-Mirror zoning
inspecting vacant building? What would you do differnetly?
Compliance with surveying safely, carry building survey to be aware of structural defects, check for squatters
How would inspection differ between agency and valuation?
Valuation - key drivers of value, understand what takes away and adds to value
Agency - checking the building is fit for sale, and compliant
8 protected rights under UK GDPR?
be informed
access
rectification
erasure
restrict processing
data portability
object
automated decision processing
Freedom of Information Act 2000?
Grants individuals the right of access to information held by public bodies. Required to supply within 20 days, chargeable
- exemptions: when contrary to GDPR requirements/prejudice a crinimal matter or someone’s personal interest
Difference between an arbitrator and an independent expert?
Arbitrator:
-Acts on evidence provided
-Not liable for negligence and cannot be sued
-Powers of disclosure
-Power over all costs
-Act within formal statutory framework
-outcome called an award
Independent Expert:
-Duty of investigation to discover facts and can use their own knowledge/expertise
- No right for appeal
-Liable for damages because of negligence
-No powers of disclosure
-No relevant legislation
-Outcome called a determination
-Power over only own costs
Further statutory requirements for setting up a business?
Annual return, Eqauality Act 2010, Bribery Act 2010, AML officer, H&S compliance, employers liability insurance
Suspected money laundering?
Report to company’s AML officer and they would submit a Suspicious Activity Report to National Crime Agency
PS for agency and investment?
PS: RICS UK Commercial Estate Agency 2016
Conflicts of Interest: UK Commercial Property Market Investment Agency
Consumer Protection from Unfair Trading Regulations 2008?
Business to consumer, broader non specific consumer protection for estate agents, relate to buyers and vendors and extend duty owed not just to clients but other stakeholders. Duty to declare all known facts on a property, no undue pressure exterted, full DD for new instructions.
Policed by Trading Standards Office
Max penalty of breach of CPRs BPRs?
Unlimited fine and/or prohibition order
Bribery Act Punishment?
Serious Fraud Office, max penalty of 10 years imprisonment/unlimited fine for individuals and companies
Margin of error?
Range allowed by courts in respect of a valuation.
K/S Lincoln and Others vs CBRE - Valuation of 4 hotels in 2005. Commercial approximate margin is +/- 10% and if any exceptional features the margin could be +/- 15%.
SDLT limits?
0-150,000 - NIL
150,000 - 250,000 - 2%
250,000 + 5%