Home Owners Plan™

Home Owners Plan™
Terms and Conditions V7

1. General information
   1.1  Albani Limited (Albani, we, us or our) incorporated in England under Company No. 05808405 and Authorised and Regulated by the Financial Conduct Authority  | Reference No. 457682:
   1.1.1 pays all costs and expenses of the Home Owners Plan™ (Plan).
   1.1.2 provides the seller (you or your) with finance (Fall Back Price®).
   1.1.3 manages the Plan.
   1.2 IMPORTANT POINT: CHAIN FREE®, available through the Plan, is an insurance type arrangement confirming you can drawdown (take) a percentage of DataSource Valuation or RICS Surveyors Valuation (Valuation) for the house you are selling during 20 weeks from the date you join the Plan (Plan Membership) at any time on 5 days notice.
   1.3 A Plan Membership Fee (1% Fee) is payable in the circumstances described in para. 3
   1.3.1 the 1% Fee is 1% Fall Back Price®, minimum £1,980.
2. Joining the Plan
   2.1 To join the Plan you must sign our Offer Documents (which incl. these T&Cs).
   2.2 The Offer Documents will require you to confirm you have taken legal advice.
   2.3 You can join the Plan no later than 8 weeks from the date your house was “Added on” Rightmove for sale
   2.4 The Offer Documents will require your solicitors to confirm they are not holding a contract for the property you want to buy
   2.5 You will receive CHAIN FREE® confirming the Fall Back Price® for your house as a percentage of DataSource Valuation.
   2.6 IMPORTANT POINT: You will have no legal commitment to sell your house or to take the Fall Back Price®.
3. IMPORTANT POINT: When you must pay our Plan Membership Fee (1% Fee)
   3.1 If you take the Fall Back Price® during your Plan Membership (we deduct the 1% Fee from the Fall Back Price®).
   3.2 If you do not take the Fall Back Price® during your Plan Membership and have:
   3.2.1 exchanged contracts during your Plan Membership to sell your house and complete contracts after your Plan Membership (your solicitors will inform us and send the 1% Fee to us on completion)
   3.2.2 accepted an offer during your Plan Membership to sell your house and exchange and complete contracts after your Plan Membership (your solicitors will inform us and send the 1% Fee to us on completion)
   3.2.3 taken your house off the market for sale during your Plan Membership (you send us the 1% Fee at the end of your Plan Membership).
4. IMPORTANT POINT: When you do not have to pay our Plan Membership Fee (1% Fee)
   4.1 If you do not take the Fall Back Price® during your Plan Membership and the circumstances described in paras 3.2.1 and 3.2.2 do not apply and you have not (para. 3.2.3) taken your house off the market for sale during your Plan Membership (No Sale – No Fee).
   4.2 In the circumstances described in para. 6.1.3
5. What our Plan Membership Fee (1% Fee) is for
   5.1 To cover the cost of reserving finance for you during your Plan Membership.
   5.2 To enable us to provide finance for you to take on 5 days notice.
   5.3 To provide you with a chain-avoiding insurance type arrangement (CHAIN FREE®).
6. Force majeure for Fall Back Price® at 90% DataSource or 90% RICS Surveyors Valuation
   6.1 Houses with current market value no more than £500,000.
   6.1.1 force majeure clause will be triggered by reference to the RICS Residential Market Survey of monthly sentiment of Chartered Surveyors (Survey) restricted to expected house price changes over next 3 months and expected house sales over next 3 months (Restricted Survey)
   6.1.2 if Restricted Survey results fall between the date of our Offer Documents and the date of your solicitors Drawdown Notice the Fall Back Price® 90% Valuation will be reduced by 5% (Reduced Fall Back Price®).
   6.1.3 if you do not take the Reduced Fall Back Price® we will refund the Administration Fee you have paid and you will not have to pay our 1% Fee.
   6.2 We provide you and your solicitors with a link to a web page where Restricted Survey results can be viewed over the previous 3 years.
7. Upgrading from DataSource Valuation to RICS Surveyors Valuation
   7.1 On payment of our Administration Fee you can upgrade at any time but no later than 15 days before the end of your Plan Membership.
   7.2 The Administration Fee will be refunded in the circumstances described in para 6.1.3.
8. Taking the Fall Back Price®
   8.1 You must sign our Drawdown Documents.
   8.2 The Drawdown Notice cannot be submitted later than 5 days before the end of your Plan Membership.
   8.3 The Fall Back Price® will be remitted to your solicitors within 5 days.
9. After taking the Fall Back Price®
   9.1 From the date you take the Fall Back Price® you will have no legal responsibility to pay any property costs relating to your house.
   9.2 Until your house is sold we will be responsible for and will pay any Additional Rate of Stamp Duty Land Tax (See: para 11), council tax, insurance, utilities, cleaning and garden maintenance (Property Costs).
10. Agent Fees
    10.1 If you take the Fall Back Price®:
    10.1.1 you do not have to pay your agents (they must be high street estate agents) a Sale Fee (we have not bought your house);
    10.1.2 we will re-instruct your agents to sell your house and will pay your agents sole agency 1.5% + VAT Resale Fee.
    10.2 If you do not take the Fall Back Price® and your agents introduces a buyer who exchanges contracts for the purchase of your house within 20 weeks from the date you joined the Plan for more than our offer of finance we will pay your agents a £1,000 + VAT Success Fee (to reward them for selling your house for the highest price).
11. Stamp Duty Land Tax (SDLT)
    11.1 If you take the Fall Back Price® and buy another property (Second Property) before your house is sold you may be charged by HM Revenue & Customs an Additional Rate of SDLT (Additional Rate) on the Second Property.
    11.2 Property Costs include paying your solicitors any Additional Rate so that you only have to pay the Standard Rate on the Second Property (our Legal Department will provide your solicitor with an Undertaking to this effect).
    11.3 We will subsequently claim any Additional Rate of SDLT (which will be paid to your solicitors within 5 days from the date  our Legal Department receive from your solicitors a copy of the SDLT1 return and SDLT5 Certificate applicable to the Second Property together with your authority that we can claim a refund of the Additional Rate when the First Property is sold).
12. Selling your house
    12.1  IMPORTANT POINT: You will only have to sell you house if you sign our Drawdown Documents (to take the Fall Back Price®) and your solicitors submit a Drawdown Notice.
    12.2 If the Sale Price of your house is lower than your Fall Back Price® you have no personal responsibility to refund us the difference.