Client Care Flashcards
What is LSH’s AML procedure?
Surveyor fills out an AML form and the appropriate checks are undertaken by the compliance team
When do you undertake AML checks?
Transfers - sales and leases (including lease renewals),on both sides, before exchanging contracts
How do you undertake COI checks?
Run checks on LSH’s COI system
When do you undertake COI checks?
Before commencing the instruction e.g. before TOE issued
Who do you undertake COI checks on?
The address, the client and the borrower (vals)
The address, the landlord and the tenant (LA)
What is LSH’s complaints handling procedure?
Report to head of division - they provide written summary to complaint handling officer - officer nominates case handler and issues CHP to the complainant - case handler provides a draft solution to handling officer before it is sent to the complainant - case is recorded and procedure is reviewed if appropriate
Fulham - What were the client’s objectives and requirements?
Valuation on the basis of MV, MR, SA GDV, for the purpose of loan security.
Fulham - what did you include in your TOE?
Red book valuation - so included 18 requirements under VPS 1:
1. Identify client
2. Identify asset
3. Identify any other involved parties
4. Identify valuer and status
5. Valuation purpose
6. Valuation basis
7. Valuation currency
8. Valuation date
9. Compliance with Red Book and IVS
10. Statement that the report may be subject to monitoring by the RICS
11. CHP
12. Limit on liability
13. Information relied on and source
14. Extent of investigations
15. Report format
16. Assumptions and special assumptions
17. Restrictions on use, distribution and publication
18. Fee basis
How could you have compromised your client’s position in Gillingham, without clear communication of negotiations?
E.g. if they hadn’t known the status of my negotiations, they may have given the landlord rental figures, or options which weren’t in line with those I was offering.
What systems does LSH have in place to manage client care?
CHP & appropriate training
Fulham - how did you show good client care?
By establishing the client’s objectives in the TOE, I was able to work to best meet those objectives and the client had a clear understanding of the scope of my work before agreeing to the fee.
Gillingham - how did you show good client care?
By maintaining a strong line of communication so I could tailor my negotiations to their objectives.
When do you need to undertake an AML check?
Lettings over £8.5k and all freehold properties need AML checks, we still undertake checks on new lettings below this limit, as AMLs are required for PEPs and those from high risk countries
Why would you still undertake an AML check if the property was under the limit?
To check for other risk factors such as connection to a PEP or high risk country
