05) Security

Question 1

Ideally what four properties will godd security hold?

Answer 1

01) Easy to take
02) easy to value
03) readily realisable
04) of increasing or stable value

Question 2

What rules will have to be followed if taking a residential property as security?

Answer 2

MCOB rules established by FSA now with FCA. provides dispute resolution, compensation procedure and complaints procedure.
only for residential purpose property.

Question 3

Types of Charge -

Answer 3

legal is the full works with legal documents produced

Equitable is a agreement document showing the bank can create the charge when they want to.