- Market Value:
- The market value of your house is the highest offer your agent receives after proper marketing for sale when no higher offers have been received resulting in an exchange of contracts.
- Profit Share:
- If the Sale Price of your house is more than our DataSource Valuation your Profit Share (with no deductions) will be sent to your solicitors within 5 days from the date contracts are completed on the sale of your house.
- Application:
- CHAIN MENDER® is only available if your house is on Rightmove for sale and your solicitors are holding a contract for the property you want to move into which they can’t exchange – a failed sale and purchase (a Fall-through).
- DataSource Valuation:
- An automated valuation model (AVM) uses a machine-learning algorithm to compare your home against a dataset of other homes to estimate its value.
- An AVM uses a wide array of publicly-available and user-sourced data, such as property type, size, general location, and comparable property sales with mathematical / statistical modelling to provide an immediate value.
- Our DataSource Valuations (AVM’s) are provided by Rightmove and fall within RICS guidelines for finance purposes.
- When you submit your Application you will receive a DataSource Valuation of your property for sale with Our Offer of Finance (Provisional Price™).
- Your Solicitors:
- When you have logged-in to Your Home Page you will see a link so Your Solicitors can view our Valuation, Provisional Price™, our Offer Documents and Drawdown Documents.
- The Offer Documents will require Your Solicitors to confirm they are holding a contract for the property you want to move into.
- We will only ask for Your Solicitors contact details when we send you our Drawdown Documents.
- It is important that you take advice from Your Solicitors before signing our Documents.
- All our Documents can be signed electronically (subject to HM Land Registry conditions).
- Your Agent:
- We do not ask Your Agent for their valuation of the property you are selling.
- You or Your Agent can submit an Application.
- We do not recommend or promote any firm of agents and we do not take or pay commissions.
- When you take our Provisional Price™:
- Your house must be empty, vacant, clean and tidy and mortgage free.
- You can pay off any outstanding mortgages with the Provisional Price™.
- We will not gazump the buyer.
- You can:
- Return to your house after taking the Provisional Price™ and retain ownership providing you repay us the Provisional Price™ before your house is sold (you gave us vacant possession). No Charges – No Costs
- Can I have CHAIN MENDER® without VAL FREE®?
- No
- VAL FREE® will help you sell quickly (and you don’t have to take our finance).
- What percentage of sales fall-through?
- Almost 25% of property transactions in England fail to complete.
- Almost 50% of homes listed never sell.
- If I take your finance and buy another property and there’s a delay in your company selling my old one won’t I have to pay the higher rate of Stamp Duty as I will own two properties?
- If we sell your house (First Property) within three years of your buying your next property (Second Property) you can apply for a Stamp Duty Land Tax (SDLT) refund (this will let you claim back the extra tax you paid on the Second Property).
- If you take our Provisional Price™ and buy another property (Second Property) before your house is sold we will pay Your Solicitors any Additional Rate of SDLT so that you only have to pay the Standard Rate of SDLT on the Second Property (our Legal Department will provide Your Solicitors with an Undertaking to this effect).
- 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 of SDLT when the First Property is sold).
- If I take your Provisional Price™ and then make a mortgage application to buy another property will I have to say that I already have a mortgage?
- You must answer “Yes“
- Because a lender will ask you on completion if there will be any other loans secured against the property you want to buy.
- Because you have said “Yes” the lender will ask for details.
- You should say that you “have non-recourse finance from Albani and therefore you have no mortgage or home loan commitment“.
- Non-recourse means you have no legal commitment to repay our finance (we can only recover our finance from the sale of your house).
- What does the Empty, Clean and Tidy clause mean ?
- On the day you want to take our finance Your Agent will visit the house you are selling to confirm to us that you have removed everything from the house, garden and garage (you told us you would do this in your Application).
- We will accept their confirmation (at our Absolute Discretion to prevent fraud) that you have removed furniture, rubbish, batteries, florescent tubes etc.
- What is APR?
- Please see APR? which explains what this means.
- If your finance is interest-free what is the relevance of the APR?
- Although our finance is interest-free the Consumer Credit Act (CCA) requires us to show the APR.
- Even though our legal documents say you do not have to pay back the Provisional Price™ the CCA requires us to say that “your home may be repossessed if you do not keep up repayments on a Loan or on any other debt secured on it.”
- Your solicitors can obtain verification from our Legal Department of our financial credentials.
- You can decline permission to Albani to share information. Please see: our Privacy Policy.
- Your Questions will be answered by a senior member of staff not a robot. Please Contact Us
