CHAIN FREE® Loans – Process

1st Stage

Offer docs. received/signed

1. 1. Issue to the Customer by post/electronically (5 items):
      1. 1st Condition Precedent Letter
      2. Drawdown notice
      3. Finance Agreement
      4. Instructions to Solicitors
      5. Valuation of the Borrower’s property
   2. Issue to the Customer by post/electronically (4 items):
      1.  Copy of the Finance Agreement signed by us
      2. CHAIN FREE ® (i.e. Facility Letter)
      3. 2nd Conditions Precedent Letter
      4. Drawdown notice
   3. Issue to the Customers solicitor by post/electronically (4 items):
      1. Sale Contract for the Property
      2. Transfer for the Property
      3. Borrower’s solicitor’s undertaking for the finance
      4. Notices from the borrower to gas, electricity and water suppliers and the local authority
         

         2nd Stage

         Drawdown Notice to Drawdown

   4. Borrower’s solicitors inform you that their client wishes to draw down the finance.
   5. Albani emails you copies of the Finance Agreement and the covering letter to the borrower (the covering letter will include a copy of the drawdown notice for the finance and a list of the documents required for draw down of the finance and the last date for your receipt of the draw down notice).
   6. You complete the following precedent documents (“the Documents”):
      1. 1. caution at land registry that Sale contract entered into (You will need to undertake a HM Land Registry search to check: the registered owner of the property,the title number we have inserted in the Finance Agreement, and existing charges on the property.
         2. borrower’s solicitors’ undertaking;
         3. sale contract for the property (the purchaser’s details in the sale contract are to be left blank);
         4. transfer for the property (the transferee’s details in the transfer are to be left blank).

      You issue the Documents to the borrower’s solicitors together with precedent:

      1. waiver;
      2. notices from the borrower to gas, electricity and water suppliers and the local authority.

Ask the borrower’s solicitors to send you the draw down notice and all documents required by the draw down notice by the latest date (“the Date”) stated in the Finance Agreement by which you can receive this

1. Borrower’s solicitors send you the draw down notice and all required documents*.
2. You check:
   1. 1. the draw down notice has been received by the Date;
      2. the draw down notice includes all required documents and these are in order;
      3. title to the property.

   If the Documents or title are not satisfactory discuss issues with the borrower’s solicitors.

   If the Documents and title are satisfactory email Albani:

   1. confirmation of this;
   2. the proposed draw down date;
   3. the bank account details for the borrower’s solicitors.

   Post* to Albani the notices to the utility suppliers and the local authority.

3. On the draw down date:
   1. The estate agent emails you confirmation that the property is vacant and that they are holding the keys.
   2. Update the bankruptcy searches on the borrower.
   3. Update HM Land Registry Search if registration of Albani’s legal charge* can’t be completed within the original priority search period.
   4. Check that the local search is still not more than 3 months old.
   5. Confirm to Albani that they can send the finance to the borrower’s solicitors.
4. Register the legal charge** at HM Land Registry
5. Monitor compliance by the borrower’s solicitors with their undertaking.
   1. Forward the DS1(s) for the existing charge(s) to HM Land Registry within 3 days of their receipt from the Borrower’s solicitors.
6. Submit evidence of the registration of the legal charge at Land Registry** to Albani. Retain in storage all relevant original documents.