Property Records & Information Systems

Question 1

Can you tell me the data protection regulations you have to adhere to?

Answer 1

• General Data Protection Regulations, 2016 (GDPR)
  
  • EU initiative
  • Relates to personal data
  • Key requirements:
    
    • An obligation for firms to conduct data protection impact assessments
    • Individuals have the right to know how their data is processed
    • Any data breaches need to be reported to the Information Commissioners Office (ICO) within 72 hours
    • Fine is either 4% of global turnover or €20m whichever is greater
  • Data Protection Act, 2018
    
    • The UK’s implementation of the GDPR
    • Endorses GDPR
    • Covers the previous provisions of the 1998 Act but more specific rules on personal data
    • Individuals have the right to be informed, can request data to be erased

Question 2

What do you understand about the Freedom of Information Act 2000?

Answer 2

• Gives individual the right of access to information held by public bodies
• Public body is required to supply information within 20 working days
• Exemptions apply when:
  
  • Contrary to GDPR
  • It would prejudice a criminal matter under investigation
  • It would prejudice a person’s/organisations commercial interest
• Also relates to non-disclosure agreements, which keeps information private and confidential
• Often used when procuring new clients, business ventures etc
• Can only be overruled by a subpoena

Question 3

Why is effective record keeping important?

Answer 3

• It keeps a written log of the process and work carried out during an instruction
• VPS 2 requires Red Book valuations to be effectively recorded
• In case of a claim made against you or your firm in the future, including negligence claims
• Useful in the case of a member of staff falling ill, leaving the firm or being otherwise incapacitated
• Keeps hold of data such as valuation information for the benefit of the firm

Question 3

How does your client ensure their data is protected?

Answer 3

• Users for sharing live documents need to be registered and approved by IT
• Property database is encrypted and password protected
• The database is regularly backed up by the provider
• Only certain team members can see property records for data protection purposes
• Firewall operated by the IT department with 2 stage verification required to access systems such as emails
• VPN required to access systems
• The Client utilises Power BI and MDS which requires users to install an add-on through the company’s software centre

Question 4

Can you tell me about the GDPR Regulations.

Answer 4

• An EU initiative, The General Data Protection Regulations 2016
• Adopted under the UK’s Data Protection Act 2018
• Company’s need to provide informed consent to hold and collect data
• An individual has the right to access their data, the right to erasure, the right to restrict processing, the right to be informed
• Company’ should undertake data risk assessments
• The aim was to create a single piece of a data protection law which emphasises the protection of personal data and how person data is processed
• If the regulations are breached, a company can be fined 4% global turnover or €20m whichever greater

Question 5

Can you tell me what is contained within a Title record.

Answer 5

• Address
• Description of the property
• Tenure type
• Details of sale
• Any restrictive covenants or easements
• Available documents

Question 6

Can you tell me what is contained on a Title plan?

Answer 6

• Title number
• Ordinance Survey Map reference
• Scale, usually 1:1250
• Administrative area
• North point
• Property outlined in red

Question 7

How does your client ensure data protection is adhered to with the database?

Answer 7

• Encrypted data where only registered users can access
• Access through a username and password
• VPN required to log in
• When a property is disposed, payment details are shredded and erased

Question 8

Can you tell me about this demise project you were involved in.

Answer 8

• The aim was to create accurate records for the core estate
• The core estate was determined by trading figures of the top 2000 shops which matched my clients strategy of reducing the size of the estate
• 4 leases a week were checked by the Assets and Estates team
• Details included:
  
  • Extent of the demise
  • Tenure
  • Repairing obligations, FRI, IRI etc
  • Details of the service charge
  • Break and lease expiry date checks against the database
• This data was uploaded to the database for utilisation by the wider property department

Question 9

Can you tell me about the case management function you reference in your submission.

Answer 9

• This is used for transactions such as re-gears, rent reviews, lease renewals
• It follows steps from notice received, terms agreed, formal approval and legal completion
• An authorisation report is auto generated at stage 3, terms agreed
• This is then uploaded the database for approval of the deal
• Once legal completion has been confirmed, the case is completed and a change request is generated
• The change request is then sent to the data team to update the record the lease record on the database

Question 10

Can you tell me what you would look for in a rent review clause?

Answer 10

• The review date
• The basis of the review:
  
  • Upwards only
  • Upwards/Downwards
  • Index linked
  • Minimum uplift
• The assumptions and disregards
• Any licence for alterations
• The hypothetical term
• Details of the third party dispute resolver

Question 11

Can you tell me about recommendations you have made for the database?

Answer 11

• Developing a cloud based system which can be accessed from anywhere
• Details needed for the demise project to help the maintenance team
• Adding wider departments such as the maintenance team to the database
• Adding accounts payable contact details for LL’s to the database