General/Topical Questions Flashcards
(7 cards)
Tell me about something you are currently working on?
Currently working on a lease regear of a former pub site in Wythenshawe. The pub closed several years ago and the lease has been recently purchased, the Council is the freeholder and working with the new leaseholder on a lease regear to bring through a new scheme. Planning have rejected a commercial use, so likely to be used for residential so we have opened up talks with a local RP to bring forward a scheme. There will be a marriage value at some point to access the Council’s share of the likely uplift in value.
What has been the impact of Covid-19 on the property sector?
Created major economic issues which and cost of living issues resulting in the closure of businesses.
Change in habits with WFH which has impact town centres and how offices are being used. Some are looking to repurpose offices, and prospective office buyers are looking at prime offices to be an environment that can entice workers back in on a more regular basis.
Greater focus on provision of quality outdoor and social amenity space in resi schemes, esp apartments.
Tell me about an interesting article you have read recently?
Article by George Monbiot in the guardian about the government changing environment policy so developers pay into the nature restoration levy rather than the existing piecemeal approach. He was very critical of it, giving developers an easy way out of environmental mitigation and the large schemes they are laying into will be much less effective and worse for environment and biodiversity.
What guidance has the RICS issued in response to Covid-19?
- Issued “Impact of COVID-19 on valuation” statement
- Guidance for professionals (e.g. Guidance on valuation, guidance on PII)
- Support and guidance for SMEs
Describe a recent piece of case law that is relevant to the industry?
Sainsbury’s in London had security of tenure but were served hostile notice to not renew lease on grounds of redevelopment. LL to convert upper floors into apartments however, Sainsbury’s successfully argued that as they only used the ground floor the redevelopments grounds shouldn’t apply as their holding wouldn’t be affected by the redevelopment works.
Demonstrates tenants can vacate part of their premises affected by works to prevent hostile notice.
What have the Bank of England announced that LIBOR will be replaced with at the end of 2021?
SONIA (Sterling overnight index average). It is an average of interest rates. Currently around 4.2
What CPD have you undertaken since handing in your submission?
Attended a session ran by colleagues from housing looking at options for affordable housing delivery in the city centre and how private sector can help in the delivery in city centre with more experience of building at height and high density with constrained sites. RPs better in the suburbs. Need to start bringing the two together for more affordable housing in central areas.
Discussed how discounted market rent of at least 20% is a good option, but Manchester Living Rent which is tied into LHA rates is preferred by members, although less viable for RPs.
Neither takes people off housing register though, whereas social rent does and can be more viable due to greater funding from Homes England.
Last option is s.106 contributions when affordable options can’t be provided, but not seen favourably by members.
