This book A treatise on the law and practice of benefit building and freehold land societies; with an appendix of rules and forms by William Whittaker Barry was published by RareBooksClub.com, 2012-03-06. It has 60 pages. A treatise on the law and practice of benefit building and freehold land societies; with an appendix of rules and forms has been read 19 times, it's very recommended book to buy.
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1866 Excerpt: ...Building Societies' system is different from that of ordinary loans. The object which the member of a Benefit Building Society has in view is to obtain the ownership of his house by means of annual payments spread over a certain number of years, and though of course amounting to more, yet at the same time corresponding, as near as possible, to the rent, which would otherwise have to be paid to a landlord. No doubt in some cases a similar loan might be obtained on more advantageous terms from an individual; but the question is, would the thing be done? We think not. Besides, private mortgagees, as a general rule, much object to payments by instalments. True, the borrower might put by small sums until the amount was sufficient to repay the mortgage debt at one time, but practically such a course involves a greater amount of self-denial than many persons possess. In the result the mortgage debt would descend as a dead weight from father to son, until in the end the property would have to be sold in order to pay off the incumbrance. 171. The gentle pressure moreover to which Pressure to the member of a Benefit Building Society is tff" subjected operates in a highly beneficial manner, operates Formerly he was compelled to pay the rent to the landlord, or a distress would be put in and eviction take place. Now the tenant is obliged to pay periodically certain sums to a Building Society or he will be sold out of house and home, but only for a fixed and definite time, after which period the property will be his own without any further payments being necessary. 172. Another great advantage in the case of a Borrower also loan from a Building Society is, that the borrower " snn can obtain a larger sum in proportion to the value proportion to.,-o-,, the value.
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