Estate Agent – CHAIN MENDER® Questions

  1. Who can we discuss your proposition with?
  2. What is the customer proposition?
  3. What are our Fees?
    •  You earn Fees at every stage
  4. What is CHAIN MENDER®?
    • CHAIN MENDER® is a Facility Letter with the guarantee of a Provisional Price™ for the house your client is selling.
      • They can drawdown (take) the Provisional Price™ at any time during a 3 week Facility Period on 3 days notice.
      • IMPORTANT POINT: Your client’s solicitor must confirm to us they are holding a current Sale Contract for the property their client wants to move into.
      • 80% Profit Share if their house is sold for more than Surveyors Valuation Plan (no deductions).
  5. Sellers won’t want it until they need it, when a sale goes wrong or if they can’t sell for more?
    • IMPORTANT POINT: That is the whole point of CHAIN MENDER® (a chain-mending solution).
  6. If the seller draws down the Provisional Price™ there will be a mortgage on their house when they make a mortgage application for the next property?
    • The new lender will ask them if they already have a mortgage.
      • Your client must answer “Yes” because a lender will ask them on completion “if there are other loans secured against another property?”
      • Because your client has  said “Yes” the lender will ask for details. Your client should say that they “have non-recourse finance from Albani and therefore no mortgage or home loan commitment.”
  7. Sellers who buy their next house before you have sold theirs will have to pay a higher rate of SDLT on the second property?
    • No
      • Sellers will only pay the Standard Rate of SDLT
      • We undertake to pay any Additional Rate of SDLT on the second property the seller buys
  8. When will our client have to sell their home?
    • No
      • Your client will only be legally committed to sell their home when their solicitor completes our Drawdown Notice with required documents
  9. When is Albani committed?
    • When your client receives the Offer Documents signed by us we are irrevocably committed to provide the Provisional Price™
      • Your clients solicitors can obtain verification of our financial credentials from our Legal Department by quoting their URN (on the top of all correspondence from us).
      • Our Legal Department is at legaldepartment@albani.finance or they can Contact Us
  10. What happens if our client is in a chain that has not broken?
  11. What does case-by-case mean for houses over £500,000?
    • CHAIN MENDER® is accessible to all your clients (and applicants buying) irrespective of the value of their house
    • We must be able to limit our offering of finance (Provisional Price™) at 80% Surveyors Valuation for houses over £500,000 to reflect market conditions.
    • Case-by-case means houses over £500,000 will be considered on an individual basis.
    • Our Application Form will require the homeowner to submit (within various Price Bands) what they think their house is worth (certain Price Bands may be restricted in real-time)
    • If the Price Band is not resricted and after our Surveyors Valuation we subsequently decline to make offer of a Provisional Price™ at 80% Surveyors Valuation we will return the £299 Administration Fee paid by your client.
  12. How do you protect your integrity?
    • IMPORTANT POINT: We do not take fees or commissions from third parties (this applies to all products and services on our platform including those accessible at SMART MOVE®
  13. Suggestions for improving the estate agent and customer proposition?

 

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