U3 Flashcards
Name some professional clients?
Credit institution Investment firm Financial institution Insurance company Investment scheme Local authority Commodity
A person who is given a legal responsibility to act on behalf of another while the latter is living abroad is known as what?
Attorney
What is on the property register? 3 things
Beneficial easements
Plan of property
Title number
What is on the proprietorship register?
2 things
Name and address of estate owner
Class of title
What is on the charges register? 4 things
Restrictive covenants
Mortgages/charges
Adverse Easements
Non-owning spouses interest
In terms of capital repayment vehicles where are the guarantees mortgages repaid on death?
Endowments
What is the only CRV mortgage that is guaranteed repaid on maturity?
Full WP endowment
What are the CRV mortgages that don’t have a flexible term?
Full wp endowment
Low cost wp endowment
Unitised wp endowment
Personal pension plan after 55
What is help to buy equity loan?
You put in 5%
Gov put in 20% of purchase price tax free
What mortgage do you pay mortgage and rent?
Shared ownership
What’s equity share?
Ownership shared between borrower and housing association - borrower pays 2 seperate rates of interest with a lower rate on the part owned by the borrower
For income protection who selects the deferred period? And why?
Policy holder and because the longer the deferred period the cheaper the premiums
Describe mortgage payment protection insurance premiums
Short term affordable
Unable to work due to accident sickness or involuntary redundancy
What is the benefit of taking pension term assurance before December 2006?
Cheaper as you get tax relief
What’s the difference between lifetime mortgages and home reversion schemes?
Home reversion scheme isn’t a mortgage it’s a sale
Of your property
How are lifetime mortgages and home reversion schemes similar?
Get to raise money
Stay in property for life
Ability to claim state benefits may be affected
What payments are made for lifetime mortgages?
No payments - they are calculated and rolled onto the debt which is getting bigger all the time
What’s a home reversion scheme?
You sell your house but can stay in for life
What’s the sim to remember for affordability?
+ - x /
How do specialised mortgages differ from banks and building societies ?
They obtain their funds from
The wholesale
Market
When were second mortgages/charges regulated?
March 2016
The trick answer for
Number of years for home reversion scheme?
20
AN EPC MUST BE WHAT?
Be commissioned
Who covers buy to let?
Mcd
Who do estate agents act as vendors for?
Vendor
When arranging a mortgage when does legal charge take place?
On completion
If buying a property through an estate agent who pays the fees?
Vendor
When is a kfi given?
Before mortgage is sold
