Topic 1 - The House Buying Process Flashcards
What is a positive covenant?
Something that you have to do, eg. maintain gardens etc.
What is a restrictive covenant?
Something you are not allowed
What is private treaty?
It’s the typical way in which properties are sold in Eng, Wal & NI
Subject to contract is when….
When a sale has taken place without yet exchanging contracts.
Hat is formal tender?
This is when the seller invites bids accompanied by a cheque for 10%. The winning offer has their cheque cashed immediately and must complete within 28 days.
What is gazanging?
This is where the seller pulls out of the transaction at the last minute.
Hat is advance inheritance?
This is a gift from parents to children during their lifetime and can be in the form of a property deposit.
How long is Equity Share Help To Buy scheme expected to last?
2020
When is the Mortgage Guarantee Help To Buy expected to finish?
31st December 2016
What is the governments loan on the Help To Buy Shared Equity Scheme?
20% of the purchase price
1st 5 years is interest free
Year 6 is 1.75% charge
Then 1% plus RPI for each subsequent year
What is a retention?
Where monies from the mortgage advance are held back until specific work is undertaken and completed.
