- IMPORTANT POINT: When the seller signs the Offer Documents they become Proceeding Buyers and can buy at a discount (See: Example).
- Signing the Offer documents neither commits the seller to take the Fall Back Price® nor to sell their home (See: CHAIN FREE® vs. bridging finance).
- If the seller draws down (takes) our finance we do not buy their house; the Drawdown Documents include a Sale Contract (our Legal Department will add the buyers name) and Transfer for the seller to sign.
- IMPORTANT POINT: If the seller draws down the CHAIN FREE® Fall Back Price® and the Sale Price of their house exceeds Surveyors Valuation the seller will receive a 80% Profit Share. The Profit Share will be the difference between Sale Price and Surveyors Valuation with no costs or deductions whatsoever.
- If the seller draws down finance from Albani and the seller buys another property before their house is sold HMRC will charge the seller an Additional Rate of SDLT on the second property. To avoid this cost to the seller our Legal Department will give the sellers solicitors an undertaking to pay them the Additional Rate (so the seller only has to pay the Standard Rate on the second property) within 5 working days before completion of the property they are buying (we will subsequently recover the Additional Rate from HMRC).
- Sellers who draw down the CHAIN FREE® Fall Back Price® or CHAIN MENDER® Provisional Price™ have no legal responsibility to pay any property related costs for their house from the Draw down Date until their house is sold e.g. Utility costs (e.g electricity, gas and water), oil (if applicable), Council Tax, insurance and maintenance (e.g grass/hedge cutting and window cleaning).
- Our finance is non-recourse which means sellers have no legal responsibility to refund us the difference if the sale price of their house is lower than the Fall Back Price® or Provisional Price™.
- IMPORTANT POINT: Our Legal Department will give an Undertaking to send the seller’s solicitor their 80% Profit Share within 5 working days from the date contracts are completed on the sale of their house. Our Legal Department can also confirm our financial credentials to the sellers solicitors by quoting the sellers URN (on the top of all correspondence from us).