Home Owners Plan™

     Home Owners Plan™
Terms and Conditions
v13

1. Introduction
   1.1  Albani Limited (Albani, we, us or our) incorporated in England under Company No. 05808405.
   1.2 Albani provides the seller (you or your) with finance (Fall Back Price®).
   1.3 Albani manages the Home Owners Plan™ (Plan).
   1.4. Albani pays all costs and expenses of the Plan.
   1.5 Albani is refunded the Fall Back Price® when your house is sold (we do not buy your house).
   1.6 CHAIN FREE®, available through the Plan:
   1.6.1 Provides you, if your house has a current market value of £250,000 > £700,000, with financial protection.
   1.6.2 Protects you with Our Offer of Finance (Fall Back Price®)
   1.6.3 Makes you a Cash or Proceedable Buyer from the date you join the Plan.
   1.7 IMPORTANT POINT: You can join the Plan no later than 8 weeks from the date your house was “Added on” Rightmove for sale.
   1.7.1 Before you join the Plan you or Your Agent must complete an Application (to tell us about the house you are selling) and you must pay our Fee for ID Check.
   1.7.2 If you join the Plan (part of our Offer Documents) you have no legal commitment to take the Fall Back Price® or to sell your home.
   1.8 Plan Membership Fee (1% Fee) is 1% Fall Back Price®.
   1.9 The 1% Fee is back-ended and payable as described in para 3.
   1.10 The 1% Fee is not payable in the circumstances described in para 4 (No Sale-No Fee).
   1.11 Your Plan Membership is 20 weeks from the date you join the Plan.
2. Joining the Plan
   2.1 To join the Plan you must accept these Plan Terms and Conditions and sign our Offer Documents.
   2.2 Joining the Plan and signing our Offer Documents does not legally commit you to sell your house or to take the Fall Back Price®.
3. When you pay our 1% Fee
   3.1 If you take the Fall Back Price® during your Plan Membership we deduct the 1% Fee from the Fall Back Price® i.e back-ended.
   3.2 If you have exchanged contracts during your Plan Membership to sell your house (an Event) your solicitors will inform us and send the 1% Fee to us on completion i.e.. back-ended.
   3.3 If you have accepted an offer during your Plan Membership to sell your house resulting in an exchange of contracts after your Plan Membership (an Event) your solicitors will inform us and send the 1% Fee to us on completion i.e back-ended.
   3.4 If you take your house off the market for sale during your Plan Membership (an Event) your solicitors will inform us and send us the 1% Fee i.e.. back-ended.
4. When you do not pay our 1% Fee
   4.1 If you have not exchanged contracts during your Plan Membership to sell your house i.e.. No Sale-No Fee
   4.2 If you have not accepted an offer during your Plan Membership to sell your house and have not exchanged contracts after your Plan Membership i.e.. No Sale-No Fee.
   4.3 If you have not taken your house off the market for sale during your Plan Membership i.e.. No Sale-No Fee.
5. What our 1% Fee is for
   5.1 To cover the cost of our reserving the Fall Back Price® for you during your Plan Membership.
   5.2 To enable us to provide the Fall Back Price® to you on 5 days notice.
   5.3 To provide you with chain-avoiding protection (CHAIN FREE®).
6. Your Solicitors
   6.1 You agree to instruct your Your Solicitors to pay us our 1% Fee on an Event as described in para 3.2, 3.3 and 3.4
7. Force majeure for Fall Back Price® at 90% DataSource Valuation
   7.1. Force majeure clause will be triggered by reference to the RICS Residential Market Survey of monthly sentiment of Chartered Surveyors (Survey) restricted to expected house price changes over next 3 months and expected house sales over next 3 months (Restricted Survey)
   7.2 We provide you and Your Solicitors with a link to a web page where Restricted Survey results can be viewed over the previous 3 years.
   7.3 If Restricted Survey results fall between the date of our Offer Documents and the date of your solicitors Drawdown Notice the Fall Back Price® 90% DataSource Valuation will be reduced by 5% (Reduced Fall Back Price®).
   7.4 If you do not take the Reduced Fall Back Price® you will not have to pay our 1% Fee.
8. Taking the Fall Back Price®
   8.1 Your must send sign our Drawdown Documents.
   8.2 The Drawdown Notice cannot be submitted later than 5 days before the end of your Plan Membership.
   8.3 The Fall Back Price® will be remitted to Your Solicitors within 5 days.
   8.4 We guarantee that you can take the Fall Back Price® during your Plan Membership subject to our receiving confirmation from Your Agent (which we will accept at our Absolute Discretion to protect you and to prevent fraud) that your house, garage and garden are Empty, Clean and Tidy.
9. After taking the Fall Back Price®
   9.1 From the date you take the Fall Back Price® you will have no legal responsibility to pay any Property Costs relating to your house.
   9.2 Until your house is sold we will be responsible for and will pay any Additional Rate of SDLT (See: para 10.2), council tax, insurance and utilities (Property Costs).
10. Stamp Duty Land Tax (SDLT)
    10.1 If you take the Fall Back Price® and buy another property (Second Property) before your house is sold you may be charged by HM Revenue & Customs an Additional Rate of SDLT (Additional Rate) on the Second Property.
    10.2 Property Costs (See para 9.2) include paying Your Solicitors any Additional Rate so that you only have to pay the Standard Rate on the Second Property (our Legal Department will provide Your Solicitors with an Undertaking to this effect).
    10.3 We will subsequently claim any Additional Rate of SDLT (which will be paid to Your Solicitors within 5 days from the date  our Legal Department receive from Your Solicitors a copy of the SDLT1 return and SDLT5 Certificate applicable to the Second Property together with your authority that we can claim a refund of the Additional Rate when the First Property is sold).
11. Selling your house
    11.1 You will only have to sell you house if you sign our Drawdown Documents (to take the Fall Back Price®) and Your Solicitors submit a Drawdown Notice.
    11.2 If the Sale Price of your house is lower than your Fall Back Price® you have no personal responsibility to refund us the difference.
12. Your Agent
    12.1 If you take the Fall Back Price® you do not have to pay Your Agent a Sale Fee (we have not bought your house)
    12.2 If you take the Fall Back Price® we will re-instruct Your Agent to sell your house and will pay Your Agent a sole agency 1.5% + VAT Resale Fee.
    12.3 If you do not take the Fall Back Price® and Your Agent introduces a buyer who exchanges contracts for the purchase of your house during your Plan Membership for more than the Fall Back Price® we will pay Your Agent a £1,000 + VAT Success Fee (to reward them for selling your house for the highest price).