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Jonny Green - APC > Non-Negotiable Lists > Flashcards

Non-Negotiable Lists Flashcards

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1
Q

Whats the Conflict of interest check process?

A

Carried out when taking on new client or instruction.

Notify the partner in charge

PIC will refer the case to the Workman Internal Conflict of Interest database.

If a conflict is identified, step back from the case.

The PIC will inform both parties of the conflict.

Only take forward if it is agreed that it is fine to continue in best interest of both parties.

Manage conflict with stuff like information barriers.

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2
Q

Whats the Anti Money Laundering Check process?

A

When client onboarding & to be regularly updated

Gain personal / organisation information

Ensure no criminal affiliation

Determine the source of the funds

Check against sanctions list

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3
Q

WHats the Client onboarding process?

A
  • Competence check
  • Conflict of interest check
  • Negotiate & draft terms of engagement
  • Gain organisation & billing details for client
  • AML Check (check sanctions etc.)
  • Draft PMA & get signed
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4
Q

Whats the Setting up RICS firm process?

A
  • Notify RICS of your intention
  • Appoint lead communicator
  • Provide all information in line with RICS registration rules
  • Get PII cover & other necessary cover
  • Set up CHP, anti bribe & money laundering policies
  • Set up a locum
  • Add ‘regulated by RICS to business literature
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5
Q

Whats the Bribery Act Principles (6)?

A
  • Proportionality
  • Top-level commitment
  • Risk assessment
  • Due diligence
  • Communication
  • Monitoring & Review
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6
Q

Whats the 5 rules of conduct?

A
  1. Members and firms must at all times act with honesty and integrity and comply with their professional obligations, including obligations to RICS
  2. Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise
  3. Members and firms must provide good quality and diligent service
  4. Members and firms must treat others with respect and encourage diversity and inclusion
  5. Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.
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7
Q

Whats the RICS Ethics principles (6)?

A
  • Honesty
  • Integrity
  • Competence
  • Service
  • Respect
  • Responsibility
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8
Q

WHats the Requirements for handling client money?

A

Data to be secured and protected

Money is to be held in an account labelled ‘client’ and client’s name

The account is always to be in credit

The money must be available to the client on request

Agreement on interest to be made

There must be a monthly 3-way reconciliation

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9
Q

Whats the Firms obligations to RICS?

A
  • To cooperate with RICS
  • To provide any information reasonably requested by the standards & regulations board
  • To have PII cover
  • To have a locum in place
  • To have a CHP
  • To display ‘RICS Regulated’ on all business literature
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10
Q

Whats the Members obligations to RICS? (3) ?

A
  • To cooperate with RICS
  • To provide any information reasonably requested by the standards & regulations board
  • To comply with CPD requirements
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11
Q

Whats the Workman’s complaints handling procedure?

A
  • If someone wants to complain, do not discourage them
  • Refer them to your complaints handling officer & step back
  • Complaint to be sent in writing & added to complaints log
  • Officer to acknowledge within 7 days, to respond in 28 days
  • If an agreement cannot be reached, RICS dispute resolution service may be utilised (workman use Property Redress scheme)
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12
Q

How do you close down a RICS firm?

A

Notify RICS you intend to close down

Notify all clients & hand over to suitable alternative services

Return all client funds you are holding

Set up 6+ years run off cover

Keep records for 6 years

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13
Q

What is included in a PMA?

A
  • Identification of both parties & property to be managed
  • Terms of engagement
  • CHP & Dispute resolution
  • MGMT Fee & Basis
  • Services to be provided:
    –> Budget / services / rent collection
  • KPIs & Reporting requirements
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14
Q

Talk me through a rent review?

A
  • Upon instruction, check competence / COI, agree terms of engagement
  • Request full legal pack
  • Read lease - check if time is of the essence, mechanism assumptions, disregards)
  • Inspect & measure property
  • Gather comparable evidence & calculate market rent
  • Gather client approval
  • Send new rent proposal (trigger notice) to tenant for negotiation
  • If no agreement can be reached, refer to dispute resolution in lease / calderbank if confident
  • If agreed, pass to solicitors to document via RRM
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15
Q

Whats the Lease renewal process (landlord friendly notice)?

A

Upon instruction, check competence/ COI, terms of engagement

Discuss with client their intention

Inspect / measure property

Gather comparable evidence & carry out MR valuation

Serve friendly notice to tenant 6-12 months in advance w/ health notice & proposed terms

Negotiate with tenant

If no agreement - refer to court, court might order PACT

If agreed, solicitors to document new lease agreement

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16
Q

Whats the Assumptions & Disregards in a RR?

A

Assumptions:
- The unit is fit to be occupied immediately
- Property can be used for intended use
- The unit has vacant possession
- Let on OM by willing lessor to willing lessee
- Tenant has satisfied lease obligations

Disregards:
- Goodwill
- Tenant’s occupation
- Any improvements with LL permission
- Any licenses

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17
Q

Whats the Sections 23-40 under the LL & T act 1954?

A

23: act applies to business tenancies

24: tenancies protected under act only to be terminated in accordance with act

25: Landlord’s notice to terminate

26: Tenant’s request for new tenancy

27: Tenant’s notice to quit

28: Agreement for new tenancy = original tenancy becomes unprotected

29: Timescales for application to court

30: Landlord’s grounds for opposing tenancy

31: Court will dismiss tenant application if s30 is successful

32: Court decides what property is comprised

33: Court power to order new tenancy for a term

34: Rent, assumptions and disregards

35: Other terms under new tenancy

36: Carrying out of order for new tenancy (order is binding)

37: Compensation where new tenancy not granted

38: Contracting out of S24-28

39: Saving for compulsory acquisitions

40: Duty to provide information

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18
Q

Whats the Landlord Grounds for opposing a new tenancy under S30? (7)

A

Fault grounds:

Tenant has consistently not paid rent

Tenant has not carried out repairs

Other serious breach of lease

Non-fault grounds:

Uneconomical subletting

Landlord requires for own use (competent only >5yrs ownership)

Landlord intends to redevelop

Other

Landlord finds suitable alternative accommodation

Bonus:

Compensation = 1x Rateable value <14 years, 2x Rateable value >14 years

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19
Q

Whats the Rights under GDPR (8)?

A

Right to be informed

Right of access: can access own personal data

Right to rectification: Can request corrections

Right to erasure: right to be forgotten

Right to restrict processing

Right to data portability: obtain & reuse personal data across different services

Right to object

Rights related to automated decision making and profiling

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20
Q

Whats the GDPR Principles (7)?

A
  • Lawfulness, Fairness & Transparency
  • Data minimisation
  • Storage limitation
  • Accuracy
  • Purpose limitation
  • Integrity & confidentiality
  • Accountability
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21
Q

Whats the Measurement process for NIA/ IPMS3?

A
  • Receive instruction from client & check competency & COI.
  • Agree on basis of measurement & reporting requirements
  • Carry out desktop assessment of property - unit plans etc.
  • Arrange access & assess any H&S risks
  • Attend site with necessary measurement equipment
  • Measure unit horizontally to IDF’s
  • Check measurements against unit plans
  • Provide measurement report to client
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22
Q

Whats the Components of a measurement report?

A

Report:

Identification of property & use

Measurer identification

Basis of measurement

Measurement method + tools used

Unit of measurement

Date of measurement

Rules:

Measurements stated on a level by level basis

Any limitations to the measurement to be stated

Any reconciliation of dual reporting to be included

If unit conversion required, conversion rate to be stated.

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23
Q

Whats the What is included / excluded in NIA?

A

Included:

Usable area, measured horizontally to IDF

Skirting/ trunking

Atria with clear height above

Entrance halls

Notional Lift Lobbies

Kitchens

Ventilation/ heating grilles

Non structural lightweight internal partition walls

Excluded:

Interior walls & columns

Toilets / Cleaners Cupboards

Corridors / Circulation areas

Areas less than 1.5m in height

Permanent air conditioning

Lift rooms / Plant rooms

Stairwells / Permanent lift lobbies

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24
Q

Whats the What is included / excluded in IPMS 3?

A

Included:
- Usable area, measured horizontally to IDF
- Skirting/ trunking
- Atria with clear height above
- Entrance halls
- Notional Lift Lobbies
- Kitchens
- Ventilation/ heating grilles
- Interior walls & columns
- Half the common wall
- Areas less than 1.5m in height

Excluded:
- Standard facilities:
- Toilets / Cleaners Cupboards
- Corridors / Circulation areas
- Permanent air conditioning
- Lift rooms / Plant rooms
- Stairwells / Permanent lift lobbies

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25
Whats the Diff between IPMS 3 and NIA?
Common walls in half: IPMS 3 yes NIA no Internal walls and columns: IPMS 3 yes NIA no Areas less than 1.5m: IPMS 3 yes NIA no Passages between buildings: IPMS 3 yes NIA no
26
Whats the Basic definitions of measurement bases? 
IPMS 1: The sum of the areas of each floor level of a building measured to the outer perimeter of external construction features and reported on a component basis for each floor of a building. IPMS 2: The sum of the areas of each floor level of an office / resi building measured to the internal dominant face and reported on a component basis for each floor of a building. IPMS 3: The floor area available on an exclusive basis to an occupier, excluding standard facilities and shared circulation areas, reported by an occupier-by-occupier or floor-by-floor basis IPMS 4: The sum of floor areas in a building to a finished surface, used for measuring part of a building. GEA: The area of a building measured externally at each floor level GIA The area of a building measured to the internal face of the perimeter walls NIA: The usable area of a building measured to the internal face of the perimeter walls
27
WHats the 4 bases of value?
Market Value Market Rent Investment Value Fair value
28
Whats the 5 traditional methods of valuation?
Comparable method Investment method Residual Method Profits method Contractors method
29
Whats the Comparable Method valuation process?
- Get instruction from client & complete competence & COI check - Agree & Draft terms of engagement - Desktop inspection - legal docs & area info - Inspection - property & area - Gather comparable evidence from Costar, Tramps etc. - Run through comparable matrix - hierarchy then weighting - Get your market rent psf by interpolation - Multiply by area and you have annual MR - Triangulate data with agents - Provide valuation report to client
30
Whats the Valuation process of an over rented investment?
Determine market rent as above If over rented, use hardcore / layer method Get your rent and split into market rent / profit rent Capitalise your profit rent at a higher yield up to next lease event to calculate value Capitalise the MR into perp at appropriate yield, and discount back using PV of £1 Add the values together for the MV
31
Whats the Valuation of under rented investment process?
Determine market rent If under rented, use the term & reversion technique Capitalise the rent of the unexpired term at the ARY Capitalise the reversion (MR) into perp. @ higher yield Discount back using PV of £1 Add the term & reversion values together to get the MV
32
Whats the Components of the Red Book?
Introduction Glossary PS1-2 mandatory VPS 1-5 mandatory VPGA 1-10 guidance International valuation standards
33
Talk me through a Residual valuation?
Basic sum: - Gross Development Value - (development costs + developer's profits) = site value Long Process: Gross development value Calculate MR + multiply by development area or number of dwellings Triangulate with agents Development costs Demolition + clearing Construction (BCIS) Professional fees Architects Building / quantity / environmental surveyors Planning advisor Finance costs (7%) Contingency (5%) Acquisition / Sale Costs Agents, Lawyers, SDLT Developer's profit 15-17% of build costs or 22-25% of GDV based on the risk of the project This leaves you with the site value, which you need to check with the agents.
34
What is in valuation terms of engagement?
Conflict of interest check Identification of both parties Identification of property to be valued Assumptions, Special Assumptions Valuation date Basis of value & method to be used Fee Any limitations to the valuation Dispute resolution method / CHP
35
What is in a valuation report?
Terms of engagement Inspection notes Comparable evidence Other enquiries, i.e. Planning, environmental surveys Comparable analysis Valuation Calculations The value
36
What Due diligence needs to be done before any valuation?
Competence check COI check Check for good title Inspect property Check for environmental matters i.e contamination Check the surrounding area (market conditions) Planning enquiries Check for alterations / improvements Check the EPC Check compliance with statutory H&S Research with agents
37
How do you arrive at your ARY?
If there is no comparable evidence available, you must build one: Start with risk-free rate (UK Gvmt GILT Rate) Add specific risk premiums: - Specification - Age - Condition - Location (market conditions) - Sustainability - Environmental risks Add economic risk premiums : - Country wide - Use class - Specific area - Minus Rental growth
38
Hierarchy of evidence?
Open market lettings (BONUS: An open market sublet would be here) Lease renewals Rent reviews Independent expert determination Arbitrator's awards
39
What Options are available for rent recovery?
- Guarantor --> (Can be pursued under L&T Covenants Act 1995 Section 17, within 6 months of debt) - Rent deposit - Payment Plan - Statutory demand - CRAR - Forfeiture / Surrender - CCJ
40
Process for rent recovery?
Try to contact the tenant Arrange a meeting on site Inspect the site (is tenant trading) Check the lease: rent deposit, guarantor Consult with client on options for recovery Proceed with the preferred option
41
What do you do if a unit becomes vacant?
Secure the unit Notify the client Notify the insurers, council & utility suppliers Issue key holding letter for H&S purposes Ensure statutory H&S compliance for unit (EICR, FRA, etc.) Clean unit for viewings & maintain repair Set up client void for SC & insurance
42
9 mandatory service charge requirements? (SVC in commercial prop. 1st ed. 2018) (PS 2023)
All expenditure recovered must be in accordance with the lease Only 100% of the proper costs of the services are to be recovered by managing agents Budgets are to be provided on an annual basis Signed accurate expenditure is to be provided annually Apportionment is to be provided on an annual basis All interest is to be credited to the SC account SC money only to be held in a discrete account SC consultants to ensure tenants only withhold payments in relation to dispute period Following dispute resolution - any incorrect SC must be rectified immediately
43
Process for assignment / sublet?
Confirm instruction with client, competency & COI Gain undertaking for fees from tenant Review lease terms Inspect the property to ensure lease compliance Compare proposed rent to market rent Carry out review of proposed assignee (covenant etc.) (check with chartered accountant) If covenant lower, recommend AGA If no reasonable grounds to refuse consent, recommend LL authorises Pass to solicitors for documentation
44
Process for alteration request?
Confirm instruction with client, competency & COI Obtain RAMS & Scope of work Gain undertaking for fees from tenant Review lease terms If technical, involve a building surveyor Determine if improvement or not If LL permission required & no reasonable grounds to refuse consent, recommend LL authorises Pass to solicitors for documentation
45
Process for collecting client money? 
Set up client accounts in line with RICS Client Money Handling Property database contains all lease information New leases uploaded using forms Lease information feeds monthly & quarterly prelists Prelists checked & approved, invoices issued to tenants Invoices to contain dates, descriptions & amounts Tenant pays into central account which is then allocated to client account Client funds are then distributed to client on agreed basis with monthly rec.
46
Process for handling breaks?
Notify client of upcoming break If tenant serves notice, check lease Review break clause & notice Inspect property If non-compliant, you could notify tenant (Rule 1) If break is compliant, raise break fee & collect Inspect unit post-vacation to ensure tenant compliance with yielding up.
46
Whats the Inspection process? 
- Desktop enquiries - Location Assessment - External Inspection - Internal Inspection
47
What are the purposes of inspection?
Property management: - Lease compliance - Stat compliance - Occupational Details - Defects - H&S Valuation - what affects value: - Age - Condition - Location - Sustainability Landlord & tenant: - Lease renewals - Rent reviews
47
What are the contents of Surveying Safely?
Personal responsibilities (members) & corporate responsibilities (firms) Relevance to RICS professional groups Assessing hazards and risks RICS Member's places of work Occupational hygiene and health Visiting premises or sites Fire Safety Residential property surveying General procurement & contractor management
48
What do you note on a retail inspection for valuation?
- The key driver of value is location in retail You also note: - Specification - Frontage ratio - Masking - Condition - Visibility from street - Fit out - Floor to ceiling height
49
10 GAAP Principles?
- Regularity - Consistency - Sincerity - Permanence of methods - Continuity - Prudence - Non-compensation - Periodicity - Materiality - Utmost good faith
49
What are common building defects?
- Subsidence - Heave - Wet rot - Dry rot - Leaks - Ponding / slipped roof tiles - Spalling / effloresence on brickwork
50
What is the format of company accounts? (Companies Act 2006)
- Cover page - Information and contents page - Directors report - Accountants report - Statutory P&L account - Balance Sheet - Notes to the Accounts - Detailed P&L Account
51
What is included on an EPC report?
- Identification of property - Identification of assessor - Floor Area - Date of assessment - Expiry Date - EPC rating - Environmental impact (CO2) Assessment - Estimated energy cost - Recommendation report & potential score
52
What buildings are exempt from requiring an EPC
- Religious buildings - Temporary buildings (<2 yrs) - Buildings not occupied >4 months annually - Buildings with no heating - Buildings due to be demolished Exemptions for failed EPCs: - All cost effective improvements either within 7 year payback period or under the green deal’s golden rule have been carried out - Consent to undertake works is refused by a third party such as a local authority or incumbent tenant - A suitably qualified expert advises that the works would devalue the building by 5% or more, or would damage the property
53
9 BREEAM Categories?
- Management - Health & wellbeing - Energy - Transport - Water - Materials - Waste Management - Land use - Pollution "Many Engineers Take Walks Making Wonderful Landscapes Pretty"
54
9 protected characteristics?
- Race - Sex - Gender reassignment - Age - Marriage and partner - Pregnancy and maternity - Disability - Religion or belief - Sexual orientation
55
4 types of illegal discrimination?
- Indirect - Direct - Harassment - Victimisation
56
Types of ADR? 
ADR means anything outside of court, including: - Arbitration - Adjudication - Independent Expert - Mediation - PACT
57

Jonny Green - APC (10 decks)

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