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Building blockSee stumbling block.Similar MatchesBuilding societyBuilding society'Mutual' non-profit-making institutions set up to lend money to their members for house purchase. Building societies are 'mutual;' because they are owned by their members, and their members are entitled to their profits and benefits.The Building Societies Act 1986 enabled building societies to provide a much wider range of services to their members, including unsecured personal loans, insurance policies, house-selling, and pensions. This was designed to put them on a level playing field with banks.In recent years some of the UK's largest building societies have demutualised and effectively turned themselves into profit-making banks, with their profits being distributed to shareholders rather than their customers.Building societies are regulated by the Financial Services Authority (FSA). Building surveyBuilding surveyAlso known as a full survey, this is the fullest and most comprehensive of the options open to the property buyer. It involves an extensive investigation of the property and a thorough examination of all the major aspects and minor details that are visible. There is some flexibility as you can request the surveyor to concentrate on specific features of the property. It is most suitable for larger, older homes with more potential for problems and those more than 75 years old, property over three stories in height, buildings of unusual construction (such as thatched, timber etc.), or if you plan to extend, convert or renovate the property. A full structural survey can cost you anything from £400 to £1000. Building And Loan AssociationBuilding And Loan AssociationAn organization for the purpose of accumulating a fund by subscription and savings of its members, to assist them with loans for building or purchasing real estate. Building Societies Investor Protection SchemeBuilding Societies Investor Protection SchemeA scheme set up to give limited protection to people with share and/or deposit accounts in authorised building societies which fail. Building societies are regulated and supervised by the Financial Services Authority and this scheme was replaced by the Financial Services Compensation Scheme (FSCS) in December 2001. In the case of an authorised building society being wound up there is a provision to pay compensation of 90% of a person's shares and/or deposits up to a set maximum. Buildings and contents insuranceBuildings and contents insuranceBuildings and contents insurance can often be purchased together protecting both the building structure and your belongings and possessions inside. Further SuggestionsCapacity buildingbookbuilding Position building buildings insurance Buildings insurance Building society |
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