7: Applications: Assessment of Security & Other Matters Flashcards
What is simplicity of title
Type of security:
Where lender confirms that the person offering the security has the right to do so
What is stability of value
Type of security:
Because no guarantee properly will increase over time
Lenders allowing a margin of safety against fluctuations in property value
What is Realiseability
Where the lender ensures security can be converted to cash quickly
Mortgage valuation
Lender may value property to deem security sufficient
What is building regulation
Standards that must be met for the construction of any building to ensure health and safety
Who are the National House Building Council (NHBC)
Regulator and standard setter for the new homes industry
What is Buildmark
It’s an insurance policy and warranty for new builds and covers you for any defects for 10 years
