Guide to Shared Ownership brochure

A Guide to Shared Ownership

Jargon Buster Buildings Insurance – A policy that insures the structure of the building. CML (Council of Mortgage Lenders) Form – A form that is sent to your solicitor to detail the financial side of the sale and details any incentives included. Completion – This is the day the sale goes through and you legally become the shared owner. This date is agreed at the point of exchange of contracts between you and bpha via both solicitors. If the home you are purchasing is not yet built by this time, completion will be ‘on notice’. This means that once the home is finished we will agree a date. Contents Insurance – Insurance to cover any loss or damage to your possessions within the property. Contract – A legal agreement between the seller and the buyer of a property or land which binds both parties to complete the transaction.

Conveyancer – The term used for either a solicitor or licensed professional who deals with the legal aspects of buying a property on your behalf. Conveyancing – The legal process where land or property is transferred from one person or organisation to another. Covenants – Rules and regulations governing the property or land contained in its title deeds or lease. Deposit – The down payment on a property, usually a percentage of the value of the share being purchased. Draft Contract – A preliminary unconfirmed version of the contract. Equity – The difference between the value of a property and the amount of mortgage owed.

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