Topic 1 - The House Buying Process Flashcards Preview

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Flashcards in Topic 1 - The House Buying Process Deck (11):
1

What is a positive covenant?

Something that you have to do, eg. maintain gardens etc.

2

What is a restrictive covenant?

Something you are not allowed

3

What is private treaty?

It's the typical way in which properties are sold in Eng, Wal & NI

4

Subject to contract is when....

When a sale has taken place without yet exchanging contracts.

5

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.

6

What is gazanging?

This is where the seller pulls out of the transaction at the last minute.

7

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.

8

How long is Equity Share Help To Buy scheme expected to last?

2020

9

When is the Mortgage Guarantee Help To Buy expected to finish?

31st December 2016

10

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

11

What is a retention?

Where monies from the mortgage advance are held back until specific work is undertaken and completed.