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APPLICANT AND NON PROPERTY RELATED CRITERIA

Amount Released

Minimum Amount Released

Maximum Amount Released

Minimum Valuation

Maximum Valuation

Further Releases

Minimum Age

Residential Status

Maximum Number of Applicants

Financial Status of Applicants

Other Residents

Solicitors

Stamp Duty Land Tax

Other Information

PROPERTY CRITERIA

Property requirements

Valuations

Upon receipt of the application, we will instruct a firm of surveyors to carry out an independent valuation. The firm will be aware that their valuation is subject to a binding complaints procedure that is available to us and your client and that they will owe a duty of care to us both

Alternatively, your client may choose their own suitably qualified valuer from our approved panel - please contact us for further information

Unacceptable Properties

Properties that may be considered by prior agreement

Retentions

If the valuer states that essential repairs to the property are required, the applicant(s) will be asked to sign an Undertaking to complete these works within six months. Monies equivalent to the estimated cost of repairs will be retained from the Amount Released until such time as the works have been carried out. Once the repairs have been completed the valuer will re-inspect the property. A re-inspection fee is payable, see our Tariff of Charges. If the works have been completed to a satisfactory standard, the retained monies, less the re-inspection fee, will be paid to the applicant(s). Please note that the calculation of the Retirement Plus share will be made on the basis that the whole of the Amount Released has been paid at the start of a Property Plan.

Portability

The benefits of a Property Plan may be transferred to another suitable property, subject to terms and valuation at the time of application. If the new property is lower in value than the original, causing the Retirement Plus share to exceed its limits for the property, then Retirement Plus may need to be paid for part of its share in order to return it to an acceptable level. The residents will be charged an administration fee and will be responsible for the legal costs of Retirement Plus and all the costs incurred in the sale and move, including any SDLT

Early cancellation charges

These are product specific and will be outlined in the KFI