Home Reversion

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Question 1

Marion received £100,000 when she entered into a full home reversion plan several years ago. The property was valued at £200,000 at the time. How much will the reversion plan provider receive if she dies today and the property is sold for £500,000?

Question 2

Sometimes a home reversion plan provider will holds back part of the cash sum to be released until essential works to the property are completed. This is referred to as:

Question 3

Which of the following properties is least likely to be accepted by a home reversion plan provider?

Question 4

A home reversion plan provider will require an occupation waiver to be signed by which of the following

Question 5

Gordon and Ann are considering a home reversion plan based on 25% of their property, which is valued at £300,000. No rent will be payable. The lump sum they receive will be:

Question 6

The solicitor acting in connection with a home reversion plan will need to need to register which of the following at the Land Registry?

Question 7

Where a property is entered into a home reversion plan, responsibility for the cost of buildings insurance lies with:

Question 8

Jean and her husband Geoff did not take the maximum lump sum available when their home reversion plan commenced in 2005. Any future part reversions they takes will be based on the value of their property in 2005. Is this:

Question 9

Where someone is a part home reversion plan holder and they wish to move to a more expensive property, the percentage of the property owned by the provider will not change. Is this statement... 

Question 10

Veronica received £70,000 when she entered into a full reversion plan two years ago when her home was valued at £160,000.  She’s aware that it has risen in value to £175,000 so her daughter Jane suggests that she might like to repurchase her home perhaps using a lifetime mortgage, how much will Veronica need to pay the plan provider to come out of the plan?