Call Centre – CHAIN MENDER® Customer Questions

  1. Why don’t you have Online Q&As?
    • We prefer to answer your questions personally on the telephone.
  2. What is a chain?
    • A chain is a series of linked house buying and selling transactions where each is dependent on the success of the others (e.g. all exchanging contracts).
    • What are Chains?
  3. What are the main differences between CHAIN FREE® and CHAIN MENDER®?
    • CHAIN FREE® is a chain-avoiding insurance type arrangement that enables you to say you a Cash Buyer:
      • Your house cannot have been ‘Added on’ Rightmove for sale for more than 10 weeks.
      • You must join the Home Owners Plan™
      • 20 week Plan Membership
      • 1% Plan Membership Fee
      •  You can buy your next property for the lowest price before selling your own for your Asking Price. See: Example.
    • CHAIN MENDER® is a chain-mending solution that turns you into a Fast Mover
      • Your Solicitor must be holding a current Sale Contract for the property you want to move into.
      • 85% Profit Share (sale over valuation / no deductions)
      • 4 week Facility Period
      • You can quickly exchange contracts to buy while waiting to sell for highest price.
  4. Do I have to join the Home Owners Plan™?
    • No
    • You do not have to join the Plan (which is for home owners to avoid the chain) as you are already in a chain.
    • CHAIN FREE® is chain-avoiding insurance type solution only available through the Plan for home owners who are not in a chain.
  5. How do you know if my solicitors have a Sale Contract for the property I want to buy?
    • We ask your Solicitors to confirm if they are holding a current Sale Contract.
    • If they are holding a current Sale Contract you can only apply for CHAIN MENDER®.
  6. How do I apply for CHAIN MENDER®?
    • You or your Estate Agent will submit an Application to us.
  7. Why don’t you ask for my name on the Application Form?
    • We are only interested in your house not in your financial standing (our finance is non-status, non-recourse and interest-free).
    • Asking for your name on the Application Form is an intrusion until you tell us you want CHAIN MENDER® with a Provisional Price™.
  8. How much is the Administration Fee for CHAIN MENDER®?
    • £340 and you can pay on-line through WorldPay. See: Payment
  9. What is the Administration Fee for?
    • You pay the Administration Fee if you want upgrade from DataSource Valuation to RICS Surveyors Valuation
    • The Administration Fee is to cover the cost of processing your Application
  10. How long will I have to wait to receive my Profit Share?
    • When your house has been sold (you have taken the Provisional Price™) our Legal Department will send your solicitors a cheque in your name for your Profit Share within 5 days of completion with no deductions (we send the cheque to your solicitors so you don’t have to tell us if you have changed your address).
    • See: Timings
  11. How will CHAIN MENDER® help me buy my next home?
    • CHAIN MENDER® will help you quickly move to your next home.
    • If you don’t have CHAIN MENDER® the seller’s Estate Agent may continue to market the property you want to buy or the seller may be tempted to accept a lower offer from a cash buyer or from a buyer who is not in a chain.
  12. Is it true that I will never have to sell for less than market value?
    • Yes
    • You should only take CHAIN MENDER® when your solicitor can’t delay exchanging contracts for the property you want to move into.
    • Up until then (plus the 4 weeks of your Facility Period) your estate agents will be trying to sell your house for the highest price.
    • If you decide to take our finance (Provisional Price™+ Profit Share) it will be because your estate agents were unable to sell your house for more.
    • The Market Value of your house is the highest offer your estate agent receives after proper marketing for sale when no higher offers have been received resulting in an exchange of contracts.
  13. Why is CHAIN MENDER® better than bridging finance?
    • With CHAIN MENDER® you are in no danger of losing your home as our finance is non-recourse.
  14. What happens if my house does not have a Land Registry Title Number?
    • If your house does not have a Land Registry Title Number you will not be able to take the Provisional Price™.
    • It is your Solicitors responsibility to provide us with the Title Number for your house.
    • This is a requirement of our Drawdown Notice (if you want to take the Provisional Price™).
  15.  When do I have to pay back the Provisional Price™?
    • You don’t have to pay back the Provisional Price™ as our finance is non-recourse.
    • Our risk is in the house you are selling so we can only recover our finance (Provisional Price™) from the sale of your house.
    • You have no personal responsibility to repay the finance even if your house is sold for less than the Provisional Price™.
  16. What does open-bridge and non-recourse mean?
    • Open-bridge finance is finance with no repayment date.
    • Non-recourse means you are not personally liable to the repay the finance (unlike a mortgage which is closed-bridge finance because there is a repayment date and recourse because you have to pay back the finance you borrowed).
  17. If I do not have to pay you back why do you say “my home can be repossessed?
    • Even though you don’t have to pay us back and your home can not be repossessed because repayment of the Provisional Price™ only arises on the sale of your house (which is our risk)
    • However we are required 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.”
  18. Do you check my credit rating?
    • No, we do not check your credit rating.
    • We are not interested in your financial status.
    • The finance (Provisional Price™) we offer you is non-status and interest-free (if you have a mortgage the bank or mortgage company will want to know your financial circumstances and you will have to pay interest).
  19. When does the Facility Period start?
    • The 4 week Facility Period starts on the date of our DataSource Valuation of the house you are selling. See: How it Works
  20. Can I extend my Facility Period?
    • No
    • The 4 week Facility Period cannot be extended because CHAIN MENDER® is specifically for sellers whose solicitors are holding a current Sale Contract for the property they want to buy but can’t because they cannot exchange contracts quickly to sell theirs.
  21. What is the Energy Performance Certificate?
    • Energy Performance Certificates (EPC) help improve the energy efficiency of buildings.
    • If you are buying or selling a home you need a certificate by law.
    • From October 2008 EPCs are required whenever a building is built, sold or rented out.
    • The certificate provides ‘A’ to ‘G’ ratings for the building, with ‘A’ being the most energy efficient and ‘G’ being the least, with the average up to now being ‘D’.
    • The Government say the EPC must be produced by the seller within 28 days of their putting their home on the market for sale.
    • The EPC can only be obtained from an accredited domestic energy assessor who will carry out the assessment and produce the certificate (costs can very but could be in the region of £35 to £60).
    • Ask the Estate Agent selling your home for a list of assessors as we will need a valid EPC before you can take the Provisional Price™.
  22. How quickly can I take the Provisional Price™?
    • In 5 days.
    • If you would like to see what actually happens if your Application is submitted today. See: How it Works
  23. How quickly can the RICS Valuation Surveyor carry out their inspection?
    • They will contact you to offer 2 appointments to internally inspect your house.
  24. What happens if I have to cancel the Surveyors appointment?
    • They offered you 2 appointments
    • If you cancel both we will refund your Administration Fee
  25. How many Application can I make?
    • As many as you like.
  26. Tell me about your Surveyors?
    • Our Valuation Surveyors are members of the Royal Institute of Chartered Surveyors (RICS).
  27. Can I use the Provisional Price™ for any purpose?
    • Yes, although the purpose of CHAIN MENDER® is to make sellers Fast Movers.
    • You do not have to buy another property with the Provisional Price™.
    • You can take the Provisional Price™ and use it for any purpose whatsoever but if you have a mortgage you must contemporaneously pay it off with the Provisional Price™ (and at the same time give us vacant possession).
  28. Will CHAIN MENDER® help me buy a property abroad?
    • Yes.
    • You can use CHAIN MENDER® to buy your holiday or move into a retirement home.
  29. Do I have to take the whole Provisional Price™ in one go?
    • Yes.
  30. Can I have take the Provisional Price™ if I already have an existing mortgage?
    • Yes.
    • When you drawdown (take) the Provisional Price™ you will have to ensure any existing mortgage is paid off contemporaneously (which you can do with the Provisional Price™) and you must give us vacant possession.
  31. 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?
    • IMPORTANT POINT: 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“.
  32. What do I do if I want to take your finance and my existing mortgage is greater than the Provisional Price™?
    • We cannot advise you what to do.
    • You should consider taking advice from your Solicitor or independent financial adviser.
    • If our Provisional Price™ is not enough to pay off the mortgage on the house you are selling you may be able to get a mortgage on the property you want to buy that releases the extra money you need or perhaps you have savings or access to other funds to make up the difference.
  33. Why do you say your finance is ethical?
  34. How can the you sell my house when you say you don’t buy it?
    • If you want to take the Provisional Price™ we will ask you to sign a Sale Contract (leaving the purchasers name blank for our Legal Department to fill in later) and Transfer so we can sell your house without buying it.
  35. Can I chose any firm of estate agents to sell my house?
    • You can instruct a firm (any firm) of high street Estate Agent to sell your house.
    • You will only pay their Sale Fee if they sell your house and you do not take our finance (Provisional Price™).
  36. Does my estate agent have to submit my Application for CHAIN MENDER®?
    • No, you or your high street Estate Agents can do so.
    • If you decide to take the Provisional Price™ you won’t have to pay your Estate Agents a Sale Fee. See: Application
  37. If I think the Estate Agents Sale Fee is too high can I ask another firm to make an Application?
    • Yes, you can ask as many high street Estate Agents as you like.
  38. How many Applications can I make?
    • You can make as many Applications as you like.
  39. If I take the Provisional Price™ who pays the legal fees for selling my house?
    • Our Legal Department will handle the sale so there will be no legal fees for you to pay.
  40. What do estate agents pay you?
    • We do not receive fees or commissions from any Estate Agents nor do not recommend or promote any firm.
  41. What do we pay our estate agents?
    • You agree a Sale Fee with your chosen Estate Agents which you will only pay them if you do not take our finance (Provisional Price™) and they sell your house.
  42. What do you pay my estate agents?
    • a £1,000 Success Fee if you take our finance (the Provisional Price™) and they sell your house for us for more than our Valuation.
    • A 1.5% Resale Fee to sell your house if you take the Provisional Price™ .
  43. Why do you pay my estate agents a Success Fee?
    • To encourage them to sell your house for more than Valuation
    • The Success Fee is an incentive for your Estate Agent to sell your house for the highest possible price in order that you receive your 85% Profit Share (Sale Price less Valuation).
  44. How can I reconcile the Provisional Price™ with my estate agents pricing?
    •  We do not ask your Estate Agent to give us their Opinion of Valuation.
    • You will never have to sell your house for a price less than your Estate Agent recommend you accept.  
  45. When I have signed the Offer Documents do I have sell my house and take the Provisional Price™?
    • If you sign the Offer Documents you do not have to sell your home or drawdown the Provisional Price™.
  46. What happens if I take the Provisional Price™ and you can’t sell my house?
    • The risk is ours no matter how long it takes the us to sell your house.
    • If  the Sale Price is over Valuation we will give you a 85% Profit Share (with no costs or deductions).
  47. Can I rely on taking the Provisional Price™ in 5 days?
    • You can rely on taking the Provisional Price™ in 5 days (providing your solicitors have provided our Legal Department with all the enclosures specified in the Drawdown Notice).
    • Before instructing your Solicitors to serve the Drawdown Notice (which will specify the day you want to take our finance) you must make arrangements with your mortgage lender to discharge any outstanding mortgage on your property, which you can do with the Provisional Price™.
  48. Do I have to give you vacant possession?
    • Yes.
    • You must give us vacant possession contemporaneously with taking the Provisional Price™.
  49. What happens on the day I take your finance?
    • Your Estate Agents will arrange to meet you at the house you are selling.
    • They will collect your keys and confirm to our Legal Department that your house is empty and vacant and free of any hazardous waste before the Provisional Price™ can be released.
  50. Can I rent my house after I have taken the Provisional Price™?
  51.  When are the meters read?
  52. What documents do my Solicitors have to prepare?
  53. How do you know who my Solicitors are?
    • When you want to take our finance (Provisional Price™) we ask you to tell us who your Solicitors are.
  54.  Can I exchange contracts to buy another property before I draw-down the Provisional Price™?
    • We cannot advise you.
    • You should consult your Solicitor or adviser.
    • Your Solicitor may say you can exchange contracts before you take the Provisional Price™ (the Drawdown Notice and Drawdown Documents must be acceptable to our Legal Department) providing you have a definite mortgage offer for the property you want to buy and providing the Provisional Price™ is enough to pay off your existing mortgage and if it is not enough, providing you have savings or other funds to make up the difference.
  55. Is there any difference between the normal home moving procedure when I buy and sell my house and your requirement that the property I am selling must be vacant and empty before I can take the Provisional Price™?
    • There is no difference.
    • A seller will be advised by their Solicitor not to release the keys to their property to a buyer until the seller’s Solicitor has confirmed the completion monies have been received in full and the buyer’s solicitor will not authorize this payment to the seller’s solicitor until they are certain the property is vacant and empty so the buyer can get possession.
    • All this normally happens on the same day.
  56. Can my Solicitor change the date I want to take your finance?
    • Yes, providing the new date that you want to take our Provisional Price™ is at least 3 days before the end of your 3 week Facility Period.
    • In the Drawdown Notice your Solicitor will specify the date that you require to take the Provisional Price™.
    • If you are buying another property with the Provisional Price™ your Solicitor should ensure the Drawdown Date they have given our Legal Department is the same date as you complete the purchase of your next property.
  57. When are you committed?
    • When we have signed the Finance Offer.
  58. Can I trust your company?
    • If you, your Solicitors or financial advisors have any concerns about the validity of our Facility Letter please telephone our Legal Department on 01491 641 362 or you can Email;
    • Albani Limited is authorized and regulated by the Financial Services Authority (FSA) Reference No.457682
  59. I don’t want to run up any solicitors costs before I have to?
    • You won’t have to.
    • When you receive the Offer Documents you have 3 weeks from our Surveyors Valuation to decide if you want CHAIN MENDER® with a Provisional Price™.
    • In those 2 weeks you have time to decide if you want to instruct your Solicitors.
    • Signing the Offer Documents does no commit you to take our finance (Provisional Price™) and does not commit you to sell your house. You are only legally committed to take our finance and to sell your house when your Solicitor sends us a Drawdown Notice (that you want to take the Provisional Price™).
  60. Tell me about VAL FREE®?
    • VAL FREE® is a ready-made mortgage for buyers of CHAIN FREE® and CHAIN MENDER® houses pre-valued by our Valuation Surveyors.
    • See: VAL FREE® Q&A
  61. Adviser questions?