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Building society |
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Building societyBuilding societies are mutually owned organisations, which exist not for profit but for the benefit of the members. The idea of this is that the society is able to offer cheaper products to its members, though this is not always the case.Building 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).Similar MatchesBuilding 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 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. 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. BookbuildingBookbuildingWhen a company is about to have a new issue of shares (possibly an IPO), its advisers may well do the rounds of the City fund managers to establish how many shares they are interested in taking and at what price. This is known as bookbuilding, and its purpose is to help the company find an offer price that ensures the new issue is successful. The bookbuilding process can begin several months before the company floats:Two months to flotation: the company's investment banks decide which institutional investors to target.One month to flotation: roadshows begin. Management and banking advisers meet potential investors to present their case and to get a feel for the level of interest.Two weeks to go: bookbuilding starts in earnest. Advisers canvas interested investors to establish how many shares they want and how much they are prepared to pay. If demand is weak, the bankers may cut the price range of the issue.One week to go: investors confirm to the banks the exact number of shares that they want.One day to go: the company and its bankers make a final decision on price, and allocate shares. Buildings insuranceBuildings insuranceBuildings insurance is designed to give you financial protection for the basic structure of your home, such as the walls, roof and foundations. This usually includes any external parts of the property such as your shed, garage, conservatory or greenhouse. Further SuggestionsBuilding Societies Investor Protection Schemebuildings insurance Capacity building Position building Building block |
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