Jargon Buster

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Occupancy
The property may only be occupied by the plan member(s) or with a live-in carer who has signed a Disclaimer. Some providers allow you to continue with an existing lodger arrangement, subject to signing a Disclaimer and providing the occupancy is subject to a six month assured shorthold tenancy agreement.

Open Market Value
This is the valuation used for all Equity Release plans. Some providers allow you to choose any Royal Institute of Chartered Surveyors (RICS) approved surveyor, others restrict the choice to a panel.

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