CHAIN FREE®

Home Owners Plan™

  • You can join the Plan at any time up to 4 weeks from the date of your Application.
  • The current Market Value of your house must be not more than £500,000 and in one of these Towns.
  • The Plan:
    • Guarantees Albani Limited will provide you with finance (the Fall Back Price®) calculated as a percentage of the Valuation of the house you are selling which can drawdown (take) on 5 days notice at any time during your 20 week (extendable to 40 weeks) Facility Period.
    • Provides CHAIN FREE®, a chain-avoiding insurance type arrangement (you do not have to sell your house and you do not have to take the Fall Back Price®).
    • Enables you, when you have received our signed Offer Documents to say you are a cash buyer.
  • Plan Membership is 1 Year (52 weeks) from Surveyors Valuation or DataSource Valuation:
    • If you take the Fall Back Price® at the end of a 40 week Facility Period (because you can’t wait to sell at your Asking Price) there is time for the Plan to sell your house.
    • If the Sale Price of your house exceeds Valuation you will receive 80% of the Profit (Sale Price less Valuation) with no costs or deductions whatsoever (the Plan will retain the difference between Fall Back Price® and Valuation).
  • If you join the Plan (subject to your solicitors approval) and sign the Offer Documents you will only pay the 1% Fee (Option 1: 90% Surveyors Valuation):
    • If you take Fall Back Price® during your 20 week Facility Period (extendable to 40 weeks).
    • If you sell your house during your Plan Membership.
    • If you do not take the Fall Back Price® and during your Plan Membership you take your house off the market for sale 1% Fee payable in up to 1 Year (52 weeks).
  • IMPORTANT POINT: Joining the Plan and signing the Offer Documents does:
    • not commit you to sell your house.
    • not commit you to take the Fall Back Price®.
    • not commit you to accepting the Plan T&Cs (unless your solicitors have approved them).
  • Only if you decide to take the Fall Back Price® will your house be sold through the Plan:
    • The Offer Documents sent to your solicitors will include a Sale Contract (our Legal Department will add the buyers name) and Transfer for you to sign.
  1. Home Owners Plan Limited (Plan Company) incorporated in England under Company Number 6944615:
    1.1 Guarantees Albani Limited (Albani) incorporated in England under Company Number 05808405 will provide You with finance (the Fall Back Price®).
    1.2 Will pay all costs and expenses of the Home Owners Plan™ (Plan).
    1.3 Home owners who have agreed to the Plan Membership Terms and Conditions (Plan T&Cs) and who have paid either Option 1: £298 or Option 2: £121 (Administration Fee) join the Plan (Member or Members or You or Your).
  2. Plan Benefits   
    2.1 IMPORTANT POINT: Your agreement to the Plan T&Cs is subject to your solicitors approval.
    2.2 When You sign the Offer Documents You will receive the benefit of a facility letter (CHAIN FREE®) which guarantees You will receive from Albani a percentage of Surveyors Valuation or DataSource Valuation (Valuation) for the house (Property) You are selling (Fall Back Price®) conditional on the Your solicitor providing Albani with a request (Drawdown Notice) that You want to take the Fall Back Price®.
    2.3 IMPORTANT POINT: Signing the Offer Documents does not commit You to take the Fall Back Price® or to sell Your Property.
    2.4  The Drawdown Documents include a Sale Contract – Albani Legal Department will add the buyers name and Transfer for You to sign (enabling Albani to sell Your Property through the Plan).
    2.5No company in the Albani Group will buy Your Property (See: Company Information).
    2.6 If the Sale Price of your house exceeds Valuation you will receive 80% of the Profit (Sale Price less Valuation) with no costs or deductions whatsoever (the Plan will retain the difference between Fall Back Price® and Valuation).
    2.7 Your solicitors will receive an undertaking from Albani Legal Department to send Your Profit Share to them within 5 days from the date contracts are completed on the sale of Your Property (Your Property will only be sold through the Plan if you sign the Offer Documents and take the Fall Back Price®).
    2.8 You can take the Fall Back Price® during 20 weeks starting from the Valuation Date of Your Property (Facility Period).
    2.9  To apply for an extension of the Facility Period (to a total of 40 weeks) Contact Us for details.
    2.10 If You take the Fall Back Price® the Plan will be responsible for and will pay all costs (Property Costs) relating to Your Property e.g. initial spring clean and garden tidying (Refreshment), utility costs, council tax, buildings insurance, garden maintenance, estate agent fees and any Stamp Duty Land Tax (SDLT).
    2.11 The Plan will pay the Property Costs from the date You decide to take the Fall Back Price® to the date Your Property is sold through the Plan .
    2.12 IMPORTANT POINT: SDLT
    2.12.1 If You take the Fall Back Price® and buy another property (Second Property) before Your Property is sold You will be charged by HM Revenue & Customs an Additional Rate of SDLT on the Second Property.
    2.12.2 Property Costs include paying Your solicitors the Additional Rate so that You only have to pay the Standard Rate on the Second Property (Albani Legal Department will provide Your solicitor with an Undertaking to this effect).
    2.12.3 The Plan will subsequently claim the Additional Rate of SDLT (which will be paid to Your solicitors within 5 days from the date Legal Department receive from Your solicitors a copy of the SDLT 1 return and SDLT 5 Certificate applicable to the Second Property together with Your authority that the Plan can claim a refund of the Additional Rate when the First Property is sold).
  3. Sale Price
    3.1 If the Sale Price of Your Property is lower than Your Fall Back Price® You have no personal responsibility to refund Albani the difference.
  4. Plan Membership
    4.1 Your Plan membership (Plan Membership) commences on the date of Surveyors or DataSource Valuation (Valuation Date) and ends after 52 weeks (Membership End Date) or on an Event whichever is earlier.
  5. IMPORTANT POINT: Payment of  Plan Membership Fee (Option 1: 1% Fee)
    5.1 When you sign the Offer Documents You agree to pay the Plan a 1% Fee (1% Fall Back Price®, minimum £1,980 incl VAT) in the following circumstances (Event or Events):
    5.1.1 When You take the Fall Back Price® during Your Facility Period;
    5.1.2 When You exchange contracts to sell Your Property during Your Membership Period (and do not take the Fall Back Price®);
    5.1.3 When You take Your Property off the market for sale (Off Market Date) during Your Membership Period (and do not take the Fall Back Price®) in which case You can pay the 1% Fee in 1 Year (52 weeks) from the Off Market Date.
  6. IMPORTANT POINT: You leave the Plan if:
    6.1 You do not pay Albani the Administration Fee;
    6.2 You do not sign the Offer Documents;
    6.3 During Your Membership Period You do not take Your Property off the market for sale and You do not exchange contracts to sell Your Property (No Sale – No 1% Fee).
  7. There is no 1% Fee for Option 2.
  8. IMPORTANT POINT: Drawdown Notice (that you want to take the Fall Back Price®).
    8.1 Your solicitors can send the Albani Legal Department a Drawdown Notice at any time during Your Facility Period:
    8.1.1 The Drawdown Notice will confirm You will have the Fall Back Price® in 5 days.
    8.1.2 The Drawdown Notice cannot be received by the Albani Legal Department later than 5  days before the end of Your Facility Period.
  9.  IMPORTANT POINT: In these Terms and Conditions, on our website and in all Our Documents “days” mean working days and therefore “weeks” are illustrative (i.e. 1 week = 5 working days).