Set 3 Flashcards
Within how many days of receipt must client money be banked?
1 day
In England, what is specific name for mortgage deed
Legal Charge
What Law ensures estate agents describe properties accurately
Consumer Protection (Amendment) Regulation 2014
What is heave and subsidence
Ground below property rising. Subsidence is ground sinking.
What does mortgage loan subject to undertaking mean?
You receive full funds, but will have to carry out repairs within a specific timeframe and have an inspection completed.
What home improvement typicall requires planning permission?
Installing a satellite dish
What is NHBC’s Buildmark scheme?
Insurance against a builder’s insolvency or faults in the property within first 10 years of life
Who do you appeal to if local council turn down planning?
Secretary of State
What is main statute relating to property ownership?
Law of Property Act 1975
Under Building Society Act, what % of Building Society funding must come from retail sources?
50%
What sum do you insure for building insurance
Sum required to rebuild property if destroyed
When do you receive payout on CIC?
After surviving 28 days of diagnosis
What deed is executed for a further advance on mortgage if original deed does not allow for this?
Deed of further charge
Closed Bridging Loan vs Open
Where customer has sold property and has a binding contract in place with purchaser . Open means that customer has not secured a purchaser for existing property yet and therefore is riskier
How long does bankruptcy typically last?
12 months
Outright possesion order vs Suspended Possesion
Lender can apply to the court for a warrant to enter property and obtain vacant possesion.
Suspended Possession is where court imposes repayent schedule first. If not paid, then can give warrant.
Income support can be claimed by
Those with no income or those with part time earnings. Can be over 60.
Jobseeker Allowance
Claimed by unemployed and actively looking for work. Payable for 26 weeks after whihc you can claim income support
Working tax credit
can be paid to individual to top up earnings if low.
BTL tax relief is capped?
Yes up to 20%
Shared Appreciation Mortgages
Lender provides mortgage at low interest rate, in return taking a stake in equity when its sold so they benefit from price increases.
Current Account Mortgage is?
Current account with large overdraft facility. Interest charged at mortgage rate levels. Different to offset as only one account used whereas offset uses multiple.
Which other cost is included in calculation of APR
Standard Redemption Fees + setup cost of mortgage
When should revie of endowments take place?
No later than the earlier of half the policy term, ten years from policy inception or 10 years from policy maturity.
