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APC 2024 > Tom W > Flashcards

Tom W Flashcards

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1
Q

What is the maximum rent for an AST?

A

£100,000 per year

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2
Q

What is the minimum rent for an AST?

A

£250 per year

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3
Q

What is the minimum term for an AST?

A

No legal minimum term although 6 months is typically the shortest fixed term for and AST

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4
Q

What is the maximum term for an AST?

A

No legal maximum term although any AST of greater than 3 years needs to take the form as a deed. AST’s greater than 7 years need to be registered with the land registry.

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5
Q

What notice is served for the non payment of rent under the Agricultural Tenancies Act 1995?

A

There is no notice in the Farm Business Tenancy legislation. Instead it will depend entirely on the drafting of the agreement in particular the wording of the forfeiture clause and the definition of insolvency. A typical clause would provide for re-entry if the rent is unpaid for 21 days or there is a material breach of Tenant’s covenants or an act of insolvency.

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6
Q

What notice is served for the non payment of rent under the Agricultural Holdings Act 1986?

A

Notice to Pay giving the tenant 2 months to resolve the debt or Notice to Remedy. This is followed up by a Notice to Quite under Case D if the the tenant is still in breach after this period.

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7
Q

What’s the difference between a lease and a licence. What is the case law?

A

Street V Mountford.
Under a lease:
The tenant has exclusive occupation
There is a rent demanded for a fixed term.

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8
Q

What extra care would you provide for sensitive/confidential information?

A

Password protect documents, restricted access, retention policy

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9
Q

How do you keep information safe

A

Avoid using lengthy email chains, email categorisation/encryption, dual factor authentication, locking computer when not in use, not using unsecure platforms, shred documents, don’t leave sensitive information on the desk.

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10
Q

What are the three pillars of corporate sustainability?

A

Economic, Social and Environmental

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11
Q

How do you establish a trustworthy relationship with you client?

A

being honest regarding project timescales.
Keep in regular communication
Act upon client feedback

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12
Q

Why was the value guided for the fuel depot so low?

A

due to the unique nature of the fuel depot, finding strong comparables proved difficult. One of the comparables I obtained, Islip fuel depot proved a strong comparable at around £7,000 per acre to the site however the agent advised me that it failed to sell. Given this, I did not want to risk guiding the property to high as this would deter interested parties. another reason informal tender was chosen was so the competitive bidding aspect would maximise the site value.

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13
Q

What are the key differences between a wayleave and easement?

A

Wayleaves are typically above ground easements underground…………

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14
Q

What are the key clauses and sums used within HOT’s for a wayleave or easement?

A
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15
Q

What is the process of gaining CPO powers?

A

Information gathering
Resolution: proposed to council for consent
Serve requisition for information notices.
Public enquiry: Objections heard by inspectorat
Post inquiry: inspector prepares report for secretary of state. At this stage the application is either accepted or rejected. If accepted, CPO powers valid for 3 years.

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16
Q

What is severance?

A
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17
Q

talk me though a crop loss claim.

A
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18
Q

What is a section 119 deposit?

A

For the diversion of public rights of way

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19
Q

What is the process for a section 119 deposit?

A
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20
Q
A

Rent (Agriculture) Act 1976

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21
Q

What legislation governs AST’s?

A

Housing Act 1988

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22
Q

When does a lease become a deed?

A

Leases greater than 3 years.

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23
Q

When is it appropriate for a solicitor to draft a lease?

A

when it is a deed (greater than 3 years) with the exception of an FBT which can be drafted by us.

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24
Q

How do you review the rent under the rent act 1977?

A

Complete and send an RR1 notice to the rent officer to initiate the RR procedure. following determination of the rent the LL must server the tenant with a form 1 notice

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25
What is the maximum a fair rent can be increased by?
RPI plus 5%
26
What notice is served for a rent review under the Agricultural Holdings Act 1986? When can it be served?
Section 12 The review date must be no less than 12 months but no more than 24 months after the day on which the statutory review notice is served.
27
What notice is served for a rent review under the Agricultural Tenancies Act 1995? When can it be served?
Section 10 The review date must be no less than 12 months but no more than 24 months after the day on which the statutory review notice is served.
28
What notice is required where a prospective AST tenant meets the criteria of an agricultural worker? what does this prevent?
Form 9 stops the AST from becoming an agricultural occupancy.
29
What notice is required to accompany an FBT agreement. What's its purpose?
Section 1 (4) Notice states that the tenancy is to be and remain a farm business tenancy (FBT).
30
What sections of the Landlord and Tenant Act 1954 provide a tenant with security of tenure and how are these contracted out?
Sections 24-28 provide security of tenure. To contract out the landlord must serve the tenant with a warning notice.
31
On the termination of an AST how long does the Landlord have to return the deposit?
10 days
32
What are the reasons for a Valuation?
Loans Financial reporting Investment portfolio performance Takeovers and mergers Purchase and sale Taxation Stock exchange
33
What Valuations are exempt from the Redbook?
Market appraisals (agency) Valuation for Internal purposes Statutory function (eg arbitration) Negotiation/litigation (preparing for a negotiation to purchase/sell) Expert witness (surveyors acting as an expert witness)
34
What is the formal name of the redbook?
RICS Valuation Global Standards 31st January 2022
35
What does RICS Stand for?
Royal Institution of Charted Surveyors
36
Why is it important that valuation advice is correct and to a high standard?
'The Red book global standards reflects the growing importance of successfully combining professional, technical and performance standards in order to deliver high quality valuation advice that meets the expectations and requirements of clients; of governments, regulatory bodies and other standard-setter; and of the public' Ultimately to protect the client as your client will take action based upon the valuation you provide.
37
What is the structure of the redbook?
Professional standards PS1- compliance with standards and practice statements PS2 - Ethics, competency, objectivity and disclosures Valuation perfomance statements VPS1 - terms of engagements VPS2 - inspections and investigation VPS3 - reports VPS4 - bases of valuation, assumptions, and special assumptions VPS5 - valuation approaches and methods Valuation applications VPGA 1-10 VPGA 1 - inclusion in financial statements VPGA 2 - for secured lending
38
VPS1 What do you need to include in terms of engagement for a valuation?
Client Property Purpose of valuation Basis of valuation Red book compliance Assumptions and special assumptions Extent of investigations and information relied upon Valuation date Status of valuer Fee and liability Complaint handling procedure Conflict of interest
39
What is probate valuation?
a detailed report on the value of a deceased person's estate, which can help executors calculate inheritance tax
40
What are the key heading in Savills valuation reports?
Instruction and terms of reference. -client, property, basis of valuation, Conflict of interest, dat of valuation, purpose of valuation, valuer details, inspection, liability cap, RICS compliance. The property, statutory and legal aspects - location, property schedule, photos, soil type, cropping, planning, services, designations, taxation, title, PROW, occupation Market commentary - Savills market reports/Market commentary Valuation advice -market value/market rent/other basis of valuation General assumptions and conditions
41
What's the difference between an assumption and a special assumption?
And assumption is something you reasonably assume to be true. A special assumption is something you know to be false but assume to be true for the purpose of the valuation.
42
What's the definition of market value?
The estimated amount for which an asset or liability should exchange on the date of valuation between a willing buyer and willing seller in an arms length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
43
What is the definition of market rent?
The estimated amount for which an interest in real property should be leased on the date of valuation between a willing lessor and willing lessee on appropriate lease terms in an arms length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
44
What are the five methods of valuation?
Comparable Investment Profits Residual Replacement cost method
45
Who can provide a red book valuation?
RICS registered valuer Valuers must have taken valuation to level 3 Must register as part of the scheme. Pay the fee Comply with regs Complete annual audits Carry out valuation CPD
46
What factors determine which method of sale to use?
Clients objectives, public accountability, current and likely future market conditions, Likely level of demand for the property, timing requirements
47
What is a private treaty ?
It allows for parties to freely negotiate in their own time and without commitment in the open market.
48
Why use auction?
Can achieve a short timetable for disposal Certainty of sale Good for unusual properties Use where a property is likely to generate strong interest.
49
What are the disadvantages of auction
Promotion costs Lack of confidentiality over sale price. Vendor cannot choose purchaser Intensive in nature
50
What legislation must particulars follow?
Consumer protection regulations 2008 Misrepresentation act 1967
51
What are the three types of agency?
Sole agency Joint agency Multiple agency
52
What is multiple agency?
When any number of agents advertise a property but only the successful one gets the fee
53
What is multiple agency?
When any number of agents advertise a property but only the successful one gets the fee
54
What is joint agency?
When two or more agents share the fee on a pre agreed basis
55
What is the sale process?
Get client instruction Check competence/independence Issue agency instruction agreement to client. Complete AML Checks Carry out due diligence and inspection Perform market research Value property Prepare marketing report Obtain client consent to particulars Carry out marketing Carry out viewings Negotiate a sale Facilitate arrangements for completion Send invoice
56
What is required within an agency instruction agreement?
It required under estate agents act 1979. And there is a required cooling off period of 14 days under the consumer rights act 2015 It must include: Agency basis Agency rights Proposed fee Marketing costs Conflict of interests AML requirements Timescale for payment of fees Complaints handling procedure. Agreement must be completed before marketing can commence.
57
What are sole selling rights?
This means the agent is entitled to their fee if the property is sold within the set timeframe even is they didn't find the buyer.
58
What are sole agency rights?
This is where a fee is only due if the agent introduced the purchser within the terms of the agreement. (This is less advantageous than sole selling rights)
59
Name the two agency rights
Sole selling rights Sole agency rights
60
What is a ready-able and willing purchasers clause?
A clause where if a party is ready to proceed with a sale but the seller withdraws and abortive fee can be charged.

APC 2024 (18 decks)

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