Direct Debit Terms and Conditions

1. The Initiator (The Ownery):

  1. May initiate a Direct Debit on my/our account when authorisation is received from me/us in accordance with the terms and conditions agreed between me/us and the Initiator, of each amount and when each amount is to be debited from my/our account.
  2. Will send written notice via electronic mail of the due date of debiting and the amount to be debited after receiving authorisation from me/us under clause 1(a). Notice must sent no later than the date the Direct Debit will be initiated.

    The notice will include the following message:
    "The amount $........ will be Direct Debited to your Bank account on (initiating date)."
  3. May, upon the relationship which gave rise to this Instruction being terminated, give notice to the Bank that no further Direct Debits are to be initiated under the Instruction. Upon receipt of such notice the Bank may terminate this Instruction as to future payments by notice in writing to me/us.
  4. May, upon receiving written notice (dated after the date of this authority) from a bank to which I/we have transferred my/our bank account, initiate Direct Debits in reliance of that written notice and this Authority from the account identified in the written notice.

2. The Customer may:

  1. At any time, terminate this Instruction as to future payments by giving notice of termination to the Bank and to the Initiator by the means agreed by the customer, Bank and Initiator.
  2. Stop payment of any Direct Debit to be initiated under this Instruction by the Initiator by giving written notice to the Bank prior to the Direct Debit being paid by the Bank.
  3. Where a variation to the amount agreed between the Initiator and the Customer from time to time to be Direct Debited has been made without notice being given in terms of clause 1(a) above, request the Bank to reverse or alter any such Direct Debit initiated by the Initiator by debiting the amount of the reversal or alteration of a Direct Debit back to the Initiator through the Initiator's Bank PROVIDED such request is made not more than 120 days from the date when the Direct Debit was debited to my/our account.
  4. Request the Bank to reverse any Direct Debits initiated by the Initiator under the Instructions by debiting the amount of the Direct Debits back to the Initiator through the Initiator's Bank where the Initiator cannot produce a copy of the Instructions and/or Confirmation to me/us that I/we are reasonably satisfied demonstrate that I/we have authorised my/our bank to accept Direct Debits from the Initiator against my/our account PROVIDED the request is made not more than 9 months from the date when the first Direct Debit was debited to my/our account by the Initiator under the Instructions.

3. The Customer acknowledges that:

  1. This Instruction will remain in full force and effect in respect of all Direct Debits passed to my/our account in good faith notwithstanding my/our death, bankruptcy or other revocation of this Instruction until actual notice of such event is received by the Bank.
  2. In any event this Instruction is subject to any arrangement now or hereafter existing between me/us and the Bank in relation to my/our account.
  3. Any dispute as to the correctness or validity of an amount debited to my/our account shall not be the concern of the Bank except in so far as the Direct Debit has not been paid in accordance with this Instruction. Any other dispute lies between me/us and the Initiator.
  4. Where the Bank has used reasonable care and skill in acting in accordance with this Instruction, the Bank accepts no responsibility or liability in respect of:
    1. the accuracy of information about Direct Debits on Bank statements; and
    2. any variations between notices given by the Initiator and the amounts of Direct Debits.
  5. The Bank is not responsible for, or under any liability in respect of the Initiator's failure to give notice in accordance with 1(a) nor for the non-receipt or late receipt of notice by me/us for any reason whatsoever. In any such situation the dispute lies between me/us and the Initiator.

4. The Bank may:

  1. In its absolute discretion conclusively determine the order of priority of payment by it of any monies pursuant to this or any other Instruction, cheque or draft properly signed by me/us and given to or drawn on the Bank.
  2. At any time terminate this Instruction as to future payments by notice in writing to me/us.
  3. Charge its current fees for this service in force from time to time.

What is a Company Constitution?

Each HouseShare™ Company has its own set of rules which governs how it is to be managed and sets out the rights of its shares holders. Each HouseShare™ Company will have a director who is responsible for the running of that company according to its constitution.

What are HouseShares?

HouseShares is the name we have for shares in a company that owns a single house. When you buy HouseShares, you're effectively buying a share of the house it owns.

What is a HouseShare™ Manager?

Each HouseShare™ Company is required to appoint a professional manager to administer the company and select and manage its property. HouseShare Management Ltd is a company set up specifically to provide these services. HouseShare Management Ltd and The Ownery share the same owners.

Guaranteed to be fully funded?

Someone has committed to buying any remaining shares at the end of the offer, meaning the house will be purchased and applicants will receive their HouseShares™. (Underwritten).

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