CH7 Flashcards

1
Q

What are the three attributes of a security secured on property?

A
  • Simplicity of title
  • Stability of value
  • Realisability
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2
Q

What does a basic valuation report provide?

A
  • open market valuation
  • recommends insurance value
  • indicates more obvious defects
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3
Q

What does the Buildmark scheme set by NHBC insure against?

A
  • Builder’s fraud or insolvency and against major faults in first ten years of property’s life
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4
Q

What will NHBC reimburse if builder does not complete home due to fraud or insolvency?

A

Any money that cannot be recovered from builder/or finished work up to max 10% property price or £100,000

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5
Q

When is planning permission required?

A
  • house extensions (including conservatories), loft conversions, addition of dormer windows and roof additions;
  • dividing a house into self-contained units for business/commercial use;
  • building a separate home in the garden or grounds;
  • building a fence, wall or gate over two metres high
  • installing a satellite dish
  • work which might obstruct the view of road users; and
  • work involving new or wider access to a trunk or classified road.
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6
Q

When is planning permission not required?

A
  • small extensions or porches
  • the building in the garden or grounds of sheds, garages, greenhouses, summer houses, swimming pools and many other structures, unless the building is a flat or maisonette.
  • construction of paths, patios or driveways
  • erecting a normal TV or radio aerial.
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7
Q

What are the three grades of listed buildings in England/Wales?

A
  • Grade I: Buildings of exceptional interest
  • Grade II*: Particularly important buildings of more than special interest
  • Grade II: Buildings of special interest, warranting every effort to preserve them
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8
Q

What is the most important criterion for listed buildings?

A

Age

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9
Q

What are the three grades of listed buildings in Scotland?

A
  • Category A: Buildings of national or international importance
  • Category B: Buildings of regional or more than local importance
  • Category C: Buildings of local importance
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10
Q

Can lenders fees be added to mortgage?

A

Yes in some cases

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11
Q

How much are lender’s fees typically?

A

0.5% of loan, upper limit approx £300

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12
Q

How much are valuation fees?

A
  • Exceed £200
  • Homebuyers: £350 upwards
  • Full survey: £800 upwards
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13
Q

What legal fees are involved with buying?

A
  • Conveyancing
  • Search fees
  • Local Authority search
  • Land registry fees
  • Bankruptcy search
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14
Q

How much are typical legal fees?

A
  • Circa 0.5% of cost of property + £100 for search fees
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15
Q

What are SDLT rates?

A

£0–£125,000 0%
£125,001–£250,000 2%
£250,001–£925,000 5%
£925,001–£1.5m 10%
Over £1.5m 12%

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16
Q

What are SDLT rates for first time buyers?

A

No SDLT under £300k
SDLT then paid at 5%
If > £500k = no relief

17
Q

How long generally do local council take to grant planning permission?

A

8 weeks