I have uploaded the notes that I used throughout Real Estate. These are the notes which have been created in a manner in which you will obtain a thorough understanding of the module. I have not created extra revision notes for the exam and have only used these for an open book exam.
Workshops 13 ...
Real Estate – W/S 1
Workshop 1
Page 17 – the start, not yet entered into a legally binding transaction – pre-
exchange stage – "caveat emptor".
Prep Task 1
"Arcadian specialises in the acquisition of underperforming investment
properties, which it then refurbishes and lets to new tenants, mainly in the office
sector" – from this we know
They are an investor client and have a long term interest in the property,
and will be sensitive to anything that may effect the property's capital
value.
Likely to refurbish and let out KH – thereby establishing a regular income
stream in the form of rent.
May want to start to refurbish quickly so they can let out and make
income.
They will want the property to be empty on completion.
Refurbishment – depending upon the extent of work planned, might also
need to advise Arcadian in respect of planning permission and/or building
regulations consent.
Arcadian usually let properties as office use, will need to check the current
and proposed use of KH.
Arcadian are likely to be a sophisticated user of legal services and
therefore keep in made and tailor our advice accordingly.
Key Issues
- Mainly in relation to access – look at annotations on page 4 of layout.
Property issues/further information required:
Is the property vacant or being sold as vacant possession?
o Important – If Arcadian plan to refurbish and let the property?
What age is the property?
What physical state in the property in?
Have works been carried out in the past and what works are proposed by
Arcadian in the future?
o This may require consideration of planning permission and/or
building regulations consent.
Has a survey been commissioned by the client already or is one required?
Further information revealed
KH is vacant
KH built in 1970s and therefore asbestos survey may be required given the
construction method and building material used at that time.
Only routine maintenance has been carried out at the property previously
and the property is to be refurbished by Arcadian.
Full structural survey has been requested but is yet to take place.
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