CHAIN FREE®

Home Owners Plan™

  • Guarantees you finance (Fall Back Price®).
  • Provides you with a chain-avoiding insurance type arrangement (CHAIN FREE®).

Home Owners Plan™
Terms and Conditions

  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 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 at any time on 5 days notice during 20 weeks from DataSource Valuation (Facility Period).
    1.3 IMPORTANT POINT: To join the Plan you must sign our Offer Documents (which incl. these T&Cs).
    1.4 You can join the Plan at any time providing your house has not been “Added on” Rightmove for sale for more than 10 weeks.
    1.5 Signing the Offer Documents does not legally commit you to sell your house or to take the Fall Back Price®.
    1.6 A Membership Fee (1% Fee) is payable in the circumstances described in para. 5
    1.7 The 1% Fee is 1% Fall Back Price®, minimum £1,980.
  2. Signing the Offer Documents
    2.1 You will receive CHAIN FREE® confirming the Fall Back Price® for your house.
    2.2 You will have no legal commitment to sell your house or to take the Fall Back Price® (See: para 14.1).
  3. Additional Facility Period
    3.1 You can extend your Facility Period from 20 weeks to 40 weeks (Additional Facility Period).
    3.2 A revised Valuation will be required which may result in a revised Fall Back Price®
  4. Plan Membership
    4.1 When you sign the Offer Documents you will be a member of the Plan for 40 weeks (Plan Membership).
  5. IMPORTANT POINT: When you must pay our 1% Fee
    5.1 If you take the Fall Back Price® during your Plan Membership (we deduct it from the Fall Back Price®).
    5.2 If you have not taken the Fall Back Price® during your Plan Membership because:
    5.2.1 you have exchanged contracts to sell your house during your Plan Membership (your solicitors will send it to us);
    5.2.2 you have taken your house off the market for sale during your Plan Membership (you can pay us in 1 year from the date of DataSource Valuation).
  6. When you do not pay our 1% Fee
    6.1 If you leave your house on the market for sale during your Plan Membership and do not sell it (No Sale – No Fee).
    6.2 In the circumstances described in para. 8.3.3
  7. What our 1% Fee is for
    7.1 To enable us to provide the Fall Back Price® for you to take on 5 days notice.
    7.2 To cover the cost of reserving finance for you during your Plan Membership.
    7.3 To provide you with a chain-avoiding insurance type arrangement (CHAIN FREE®).
  8. Force majeure for Fall Back Price® at 90% DataSource or 90% RICS Surveyors Valuation
    8.1 Houses with current market value no more than £500,000.
    8.2 Due to unprecedented levels of economic uncertainty we have, for the foreseeable future, to insert  in our Offer Documents a force majeure clause
    8.3 Force majeure is an unforeseen event outside our control, that will prevent us from fulfilling our contract obligations:
    8.3.1 force majeure clause will be triggered by reference to the RICS Residential Market Survey of monthly sentiment of Chartered Surveyors (Survey).
    8.3.2 if Survey results (Survey Results) fall between the date of our Offer Documents and the date of your solicitors Drawdown Notice (Survey Fall) the Fall Back Price® 90% Valuation will be reduced by 5% (Reduced Fall Back Price®).
    8.3.3 if you do not take the Reduced Fall Back Price® we will return the Administration Fee you have paid and you will not have to pay our 1% Fee.
    8.4 We provide you and your solicitors with a link to a web page where the Survey can be viewed over the previous 12 months.
  9. Upgrading from DataSource Valuation to RICS Surveyors Valuation
    9.1 You can upgrade at any time but no later than 15 days before the end of your 20 week Facility Period or Additional Facility Period.
  10. Taking the Fall Back Price®
    10.1 You must sign our Drawdown Documents.
    10.2 The Drawdown Notice cannot be submitted later than 5 days before the end of your Facility Period.
    10.3 The Fall Back Price® will be remitted to your solicitors within 5 days.
  11. After taking the Fall Back Price®
    11.1 From the date you take the Fall Back Price® you will have no legal responsibility to pay any property costs relating to your house.
    11.2 Until your house is sold we will be responsible for and will pay your estate agents sale fee in the circumstances described in para. 12.2, any Additional Rate of Stamp Duty Land Tax (See: para 13), council tax, insurance, utilities, cleaning and garden maintenance (Property Costs).
  12. Estate Agent Fees
    12.1 You must instruct the estate agents selling your house on sole agency and agree a Sole Agency Fee with them.
    12.2 If you take the Fall Back Price®:
    12.2.1 you do not have to pay your estate agents the Sole Agency Fee (we have not bought your house);
    12.2.2 we will re-instruct your estate agents to sell your house and will pay your estate agents 1.5% Resale Fee.
    12.3 If you do not take the Fall Back Price® and your estate agents sell your house for you during your Plan Membership for more than the Fall Back Price® we will pay your estate agents a £1,000 Success Fee (in addition to the Sole Agency Fee you have agreed to pay them).
  13. Stamp Duty Land Tax (SDLT)
    13.1 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.
    13.2 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).
    13.3 We will subsequently claim any Additional Rate of SDLT (which will be paid to your solicitors within 3 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).
  14. Selling your house
    14.1  IMPORTANT POINT: You will only have to sell you house if you sign our Drawdown Documents (that you want to take the Fall Back Price®) and your solicitors submit a valid Drawdown Notice.
    14.2 If the Sale Price of your house is lower than your Fall Back Price® you have no personal responsibility to refund us the difference.