Property Management Flashcards
(51 cards)
What is the service charge statement for commercial property?
Service charges in commercial property, 1st edition
What are the aims and objectives of the service charge statement in commercial property?
improve standards and promote best practice, uniformity, fairness and transparency in the management and administration of service charges
ensure timely issue of budgets and year-end certificate
reduce the causes of disputes and to provide guidance on resolution
provide guidance to stakeholders in accordance with best practice
How often does an electrical safety cert need renewing?
5 years
How often does an gas safety cert need renewing?
yearly
How often does an EPC need renewing?
10 years
What is best practice for service charges in commercial property?
Costs to be transparent, not for profit and not for loss, and services are procured on an appropriate value for money basis and costs are benchmarked
What is the service charge guidance for residential properties?
Service charge for residential management code, 3rd edition
What are the aims of the Service charge for residential management code, 3rd edition
improve general standards and promote best practice, uniformity, reasonableness and transparency in the management and administration of long leasehold residential property
ensure the timely issue of all documentation including budgets and year end accounts
reduce the causes of disputes and to give guidance to resolving disputes where these do occur
How often should fire risk assessments be done?
Reviewed every 2 years and redone every 4 years
How often should water risk assessments be done?
Should be conducted every 2 years unless something changes such as system or use of water
Talk me through the advise you gave your client on the security issue at Nottingham?
My clients cabin had been broken into and my advise was that we needed to strengthen security to ensure this does not happen again
At Nottingham what advise did you give around the potential options available?
I gave short term and long term advise. In the short term it was a case of ensuring the locks were changed to ensure the cabin was secure. Long term advise was to look at increasing the demise and put palisade fencing around the site to secure the site
Do you have any awareness to health and safety when dealing with the security issues at Nottingham?
Yes, the Health and Safety at work act and my firms lone working procedure
how did you advise your client on maintenance responsibilities under the lease at Mount Airy Farm?
My client was the Landlord and I advised my client that the Tenant was liable to pay 25% of maintenance works on the access track
How did you go about exercising the clause in the lease at Mount Airy Farm?
My client had a quote to carry out the works already and I sought two further quotes to ensure that the quote was reasonable. Once we had the quotes, my clients preference was to go with the quote they had received. I issued the quotes to the Tenant with my recommendations and explanations, the Tenant agreed with the quote and invoiced their 25% share for the works to be undertaken.
What was your advise to your client on EPC’s for the property they were re-letting?
They were required to have a minimum of an E for re-letting the property under the Minimum Energy Efficiency Standards
What was the rating on the EPC?
The Landlord got a E rating on the EPC
Are you aware of the alternatives if the property did not make an E?
Carry out recommended works and if still falls below an E, you can register an exemption that all relevant works have taken place and the EPC still falls below an E (improvements made up to the cost of £3,500)
What documents did you obtain for the marketing of a residential property on Beamish Street?
Land registry for title information (register and title), EPC, owner information, sale history and electrical safety certificate
Do MEES apply to sale properties?
Yes, a property needs an EPC but it can be below an E.
How did you recommend a particular tenant to take on the property at Falmouth Road?
I had a number of offers on the property. I recommended the Tenant based on the rent being offered, the companies accounts and they had agreed to a deposit worth 3 months of the annual rent.
Why did you agree to a 3 month deposit at Falmouth Road?
This was company policy that a deposit must be between 3 - 6 months of the annual rent.
What safety equipment is needed in an equipment cabin?
Safe to climb certificate, electrical safety certificate, fire safety certificate (cabin only) and ICNIRP
What are the principles of service charges in commercial property?
All expenditure that the owner seeks to recover must be in accordance with the lease
Must seek to recover no more than 100% of the proper and actual costs
must ensure that service charge budgets are issued annually to tenants
must ensure an approved set of service charge accounts showing true and accurate record of actual expenditure consisting the service charge are sent to all tenants
must ensure that a service charge apportionment matrix for their property is provided annually to all tenants
service charge monies must be held in one or more discrete bank account
interest earned must be credited to the service charge account after appropriate deductions have been made
