Private: Call Centre – CHAIN MENDER® Q&A

  1. Why don’t you have Online Q&As?
    • We prefer to answer your questions personally on the telephone.
    • If any have not been answered to your complete satisfaction please call us on 0844 544 4869 and your query will be brought to the attention of our CEO (and Founder) who will reply to you.
  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).
    • See: Home Page
  3. What is the difference between CHAIN FREE® and CHAIN MENDER®?
    • CHAIN FREE® is a chain-avoiding insurance solution available through the Home Owners Plan™ that makes you a Proceedable Buyer so 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 Seller if you are in a broken-chain and your Solicitor is holding a current Sale Contract for the property you are desperate to move into (we do not buy your house).
  4. Do I have to join the Home Owners Plan™?
    • No, because you are already in a chain.
    • CHAIN FREE® is chain-avoiding insurance solution available through the Plan to 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 you can only apply for CHAIN MENDER®.
  6. Is CHAIN MENDER® regulated by the FCA?
    • CHAIN MENDER® is not regulated.
    • Regulated loans are those on a property you are living in or are going to live in. When you take the Provisional Price™ (which you can use to pay off your mortgage) your house must be contemporaneously empty and vacant.
    • CHAIN MENDER® is an unregulated residential bridging loan as confirmed by the Financial Conduct Authority (FCA).
    • Albani Limited is Authorized and Regulated (Reference No.457682) by the FCA [licensed under the Consumer Credit Act 1974, and registered by the Information Commissioner’s Office for the purposes of the Data Protection Act 1998].
  7. How do I apply for CHAIN MENDER®?
    • You or your Estate Agent will submit an Application to us after which you will have 1 week to decide if you want a Provisional Price™.
    • See: Application (you cannot submit during coronavirus).
  8. 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 receive our Application Approval Email and tell us you want CHAIN MENDER® with a Provisional Price™.
  9. How much is the Administration Fee for CHAIN MENDER®?
    • £299 and you can pay on-line through WorldPay. See: Payment
  10. What is the Administration Fee for?
    • The Administration Fee is to cover the cost of processing your Application
  11. How long will I have to wait to receive my 80% 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 80% Profit Share within 5 days of completion (we send the cheque to your solicitors so you don’t have to tell us if you have changed your address).
  12. IMPORTANT POINT: On our website and in all Our Documents “days” mean working days and therefore “weeks” are illustrative (i.e. 1 week = 5 working days).
  13. How will CHAIN MENDER® help me buy my next home?
    • IMPORTANT POINT: CHAIN MENDER® will help you quickly buy 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.
  14. 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.
  15. 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™).
  16.  When do I have to pay back the Provisional Price™?
    • IMPORTANT POINT: You don’t have to pay back the Provisional Price™ as Albani 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™.
  17. 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).
  18. 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 Albani 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), the Consumer Credit Act 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.”
  19. 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).
  20. When does the Facility Period start?
    • The 3 week Facility Period starts on the date of the Surveyors Valuation of the house you are selling. See: How it Works
  21. Can I extend my Facility Period?
    • No
    • The 3 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.
  22. 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™.
  23. 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
  24. How quickly can your Surveyor carry out their property inspection?
    • When you have paid our £299 Administration Fee our Surveyor will contact you to make an appointment to internally inspect your house at a time convenient to you within the following 7 days.
    • The 3 week Facility Period commences on the date of the Surveyors Valuation so the sooner our Surveyors visit your property the better.
  25. What happens if I have to cancel the Surveyors appointment?
    • You can make as many appointments as you like.
    • However, our Surveyor must be able to inspect your house internally within 7 working days from the date you paid the Administration Fee failing which our Administration Fee will not be refunded.
  26. Tell me about your Surveyors?
    • Our Valuation Surveyors are members of the Royal Institute of Chartered Surveyors (RICS).
    • IMPORTANT POINT: Now the government has lifted coronavirus restrictions our Valuation Surveyors inspecting your property for sale (Option 1: 90% Surveyors Valuation) will:
      • Wear a protective mask and gloves
      • Comply with recommended social distancing
      • Follow RICS guidelines
  27. Can I use the Provisional Price™ for any purpose?
    • Yes, although the purpose of CHAIN MENDER® is to make sellers Fast Buyers.
    • 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 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?
    • 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 can do so online and tell us within 1 week who they are.
    • 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.
    •  You must tell us who they are within 1 week.
  38. How many Applications can I make?
    • You can make as many Applications as you like but only at 1 week intervals.
  39. How much time do I have to pay your Administration Fee?
    • You have 1 week from your Application to pay our Administration Fee.
  40. 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.
  41. 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.
  42. What do we pay our estate agents?
    • You agree a Sale Fee with your chosen Estate Agents (High Street or Online) which you will only pay them if you do not take our finance (Provisional Price™) and they sell your house.
  43. What do you pay my estate agents?
    If you sign our Financial Documents:

    • We pay your High Street or Online Estate Agent a £1,000 Success Fee if you take our finance (the Provisional Price™) and they sell your house for us for more than 100% Surveyors Valuation.
    • We pay your High Street Estate Agent a 1.5% Resale Fee to sell your house if you take the Provisional Price™ (we do not instruct the Online Estate Agent to sell your house).
  44. Under what circumstances does the Plan pay my estate agent a £1,000 Success Fee?
    • If you take the Provisional Price™ and they sell your house for more than 100% Surveyors Valuation.
  45. Why do you pay my estate agents a Success Fee?
    • We pay your Estate Agents a Success Fee to encourage them to sell your house for more than 100% Surveyors Valuation in order that you receive your 80% Profit Share (Sale Price less Valuation).
  46. 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.
    • IMPORTANT POINT: You will never have to sell your house for a price less than your Estate Agent recommend you accept.  
    • When you have CHAIN MENDER® you are in control and you can decide if and when you want to sell your house or if and when the time is right (because you can’t wait to sell it at your Asking Price) to take the Provisional Price™.
    • You never have to sell your home and if you choose to sell it, it will be at Market Value.
  47. When I have signed the Finance Documents do I have sell my house and take the Provisional Price™?
    • IMPORTANT POINT: If you sign the Finance Documents you do not have to sell your home or drawdown the Provisional Price™.
  48. 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 Surveyors  Valuation we will give you an 80% Profit Share (with no costs or deductions).
  49. What is the difference between the Facility letter and Provisional Price™?
    • The CHAIN MENDER® Facility Letter is a guarantee that the Provisional Price™ by giving us 5 working days notice at any time during your 3 week Facility Period.
  50. Can I rely on taking the Provisional Price™ in 5 working days?
    • IMPORTANT POINT: You can rely on taking the Provisional Price™ in 5 working 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™.
  51. What are the enclosures specified in the Drawdown Notice that my Solicitors have to provide?
    Your Solicitors must provide our Legal Department with:

    • Waiver (anyone living in your house over 18 must declare they will vacate the property)
    • Redemption statement (the cost of paying off any existing mortgages)
    • Undertaking (to discharge any existing mortgages)
    • HM land Registry Priority Search
    • Clear Bankruptcy Searches
    • Energy Performance Certificate
    • A photocopy of your drivers license or passport (this applies to all parties to our Finance Agreement) and a photocopy of a recent utility bill relating to the house you are selling (to comply with money laundering regulations)
    • HM Land Registry Title Number for your house (if your house is not freehold and does not have a Land Registry Title Number you will not be able to take the Provisional Price™)
  52. Do I have to give you vacant possession?
    • Yes.
    • You must give us vacant possession contemporaneously with taking the Provisional Price™.
  53. 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.
  54. Can I rent my house after I have taken the Provisional Price™?
  55.  When are the meters read?
    • When you Solicitors sends our Legal Department your Drawdown Notice they will include letters addressed to your gas, electricity and water suppliers (and to the Local Authority regarding Council Tax) informing them of the meter readings and that you will be leaving the property on the drawdown date.
    • These letters are included in the Drawdown Documents as blank copies for you to fill in, sign and return to us.
    • They are all online and can be signed online (so you don’t have to send them back to us) after you have entered your URN. See: Documents
  56. What documents do my Solicitors have to prepare?
    • There are no documents for your Solicitors to prepare.
    • The Offer Documents (Finance Agreement and Drawdown Notice with specified enclosures) are all in a standard form and cannot be altered.
    • All documents are ready for you and/or your Solicitor, as appropriate, to fill in, sign, date and return to our Legal Department.
    • Your Solicitors must confirm to our Legal Department the the Land Registry Title Number for your house otherwise you will not be able to drawdown (take) the Provisional Price™. See: Documents which you can access after entering your URN.
  57. What are the enclosures specified in the Drawdown Notice that my Solicitors have to provide?
    Your Solicitors must provide our Legal Department with:

    • Waiver (anyone living in your house over 18 must declare they will vacate the property)
    • Redemption statement (the cost of paying off any existing mortgages)
    • Undertaking (to discharge any existing mortgages)
    • HM land Registry Priority Search
    • Clear Bankruptcy Searches
    • Energy Performance Certificate
    • A photocopy of your drivers license or passport (this applies to all parties to our Finance Agreement) and a photocopy of a recent utility bill relating to the house you are selling (to comply with money laundering requlations)
    • HM Land Registry Title Number for your house (if your house is not freehold and does not have a Land Registry Title Number you will not be able to take the Provisional Price™)
  58. What documents must I sign to get CHAIN MENDER®?
    • You only have to sign the Offer Documents which you can do online. See: Documents
    • Offer Documents have to be signed within 10 working days from our Surveyors Valuation after which date our offer of a Provisional Price™ will lapse.
    • IMPORTANT POINT: Signing the Offer Documents does not 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 our Legal Department a Drawdown Notice (that you want to take the Provisional Price™).
  59. How do I know where to look for all these online documents?
    • When we have accepted your Application you will receive an Application Approval email with your Unique Reference Number (URN) so you and your solicitor can login and view all Our Documents.
  60. What documents must I sign and send back if I want to take the Provisional Price™?
    • If and when you want to drawdown the Provisional Price™ you must sign a Sale Contract and Transfer for your house
    • When you have signed both these your solicitors will send them back to us (HM Land Registry will not accept on-line signatures).
  61. How do you know who my Solicitors are?
    • After your Estate Agents have made your Application we ask you to tell us who your Solicitors are so we can send them a copy of the Finance Documents.
  62. When I receive the Offer Documents what should I do?
    • You should discuss them with your Solicitor and then if you want CHAIN MENDER® you must sign them (which you can do online).
    • IMPORTANT POINT: The Offer Documents must be signed within 10 working days from our Surveyors Valuation after which date our offer of a finance (the Provisional Price™) will lapse.
    • If your Solicitors have any questions they should contact our Legal Department on 01491 641 362 or by E-mail at legaldepartment@albani.finance
  63.  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.
  64. 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.
  65. What are the advantages of your selling a home that is vacant vs. one that is occupied?
    • Your house will only become vacant if and when you have taken our finance (Provisional Price™).
    • A vacant property can achieve a higher sale price. You will receive a share in the profit if the Sale Price of your house is more our Surveyors Valuation (you will receive 80% Profit Share with no deductions).
      • If your house is vacant you will not be interrupted at inopportune times to show your house to prospective buyers.
      • You don’t have to go out into the garden or walk around the block while buyers are looking at your home.
      • The chances that an Estate Agent will show a vacant property to a prospective buyer are increased (that’s because Estate Agents often take the path of least resistance.
      • If they have 20 homes to show and 5 are occupied, they might be tempted to show the vacant homes because it’s easier.
      • They don’t have to call and make an appointment.
      • The seller isn’t under continual pressure to keep their home in immaculate showing condition and spotless at all times (with small children, this can be almost impossible to do, even if one of the parents does not hold a job outside of the home).
      • IMPORTANT POINT: Post-coronavirus buyers may prefer to view and buy a vacant and empty property.
  66. 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 5 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 drawdrawn date they have given our Legal Department is the same date as you complete the purchase of your next property.
  67. When are you committed?
    • When Albani have signed the on-line Offer Document.
  68. 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; legaldepartment@albani.finance.
    • Albani Limited is authorized and regulated by the Financial Services Authority (FSA) Reference No.457682, [licensed under the Consumer Credit Act 1974, and registered by the Information Commissioner’s Office for the purposes of the Data Protection Act 1998].
  69. I don’t want to run up any solicitors costs before I have to?
    • You won’t have to.
    • When you receive the Financial Documents you have 10 days from our Surveyors Valuation to decide if you want CHAIN MENDER® with a Provisional Price™.
    • In those 10 days you have time to decide if you want to instruct your Solicitors.
    • IMPORTANT POINT: Signing the Financial Documents does no commit you to take our finance (the 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™).
  70. 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
  71. Adviser questions?