- The Plan will make you a Proceedable Buyer (the property you are selling must have a current Market Value of no more than £500,000). See: How it Works
- As a Proceedable Buyer and Member of the CHAIN FREE® Home Owners Plan™:
- Your Membership Period will be 40 weeks from the date you log in to join the Plan and pay our Administration Fee.
- You will be able to secure the property you want to buy at the lowest price without having to sell your house or having to take the finance (the “Fall Back Price®”) from Albani Limited.
- You can negotiate the price of the property you want to buy (you know you can take the Fall Back Price® in 5 days).
- You can recoup the 1% Fee (Option 1). See: An Example. No 1% Fee (Option 2).
- You have the insurance of the Fall Back Price® for a 20 week Facility Period while your Estate Agent is trying to sell your house at your Asking Price.
- You can extent your 20 week Facility Period (during which you have the insurance of the Fall Back Price®) to 40 weeks (Albani will have your house Re-valued and a revised Fall Back Price® and revised 1% Fee calculated).
- You can sell your house for a price no less than your Estate Agents recommend you accept (Market Value).
- IMPORTANT POINT: Joining the Plan does NOT commit you to:
- Pay the 1% Fee.
- Sell your house.
- Take the Fall Back Price®.
- If you join the Plan AND sign the Financial Documents you will ONLY have to pay the 1% Fee in the following Events:
- If you take the Fall Back Price® during your Facility Period (in which case your house will be sold through the Plan).
- If you have not taken the Fall Back Price® and you sell your house during your Membership Period.
- If you have not taken the Fall Back Price® and you take your house off the market for sale during your Membership Period (in this circumstance you can pay the 1% Fee in 1 Year).
- You do NOT have to pay the 1% Fee if you have not taken the Fall Back Price® and leave your house on the market for sale during your Membership Period and your house does not sell (No Sale – No 1% Fee).
- IMPORTANT POINT: When you sign the Financial Documents:
- You will have the insurance of the Fall Back Price® whilst your Estate Agent is selling your house at your Asking Price.
- You can be a Proceedable Buyer for up to 40 weeks.
- You are NOT committed to sell your home and NOT committed to take the Fall Back Price®.
- IMPORTANT POINT: The Plan will pay your Estate Agents a £1,000 Success Fee (in addition to the Sale Fee you have agreed to pay them) if they sell your house for you for over the Fall Back Price® (to encourage your Estate Agents to sell your house for the highest possible price).
- Because neither the Plan nor Albani buy your house the Financial Documents sent to your solicitors include a Sale Contract (Albani Legal Department will add the buyers name) and Transfer for you to sign so your house can be sold by the Plan if you decide to take the Fall Back Price®.
- If you take the Fall Back Price® (because you can’t wait for your Estate Agent to sell your house at your Asking Price):
- You will ONLY be legally committed to sell your home if your solicitor sends Albani Legal Department a Drawdown Notice (with all required documents).
- You will NOT have to pay your Estate Agents a Sale Fee (neither the Plan nor Albani have not bought your house) and the Plan will instruct them to sell your house and the Plan will pay them a Resale Fee.
- You must contemporaneously give us vacant possession and pay off any outstanding mortgages (which you can do with the Fall Back Price®).
- The Plan will pay any Additional Rate of Stamp Duty Land Tax on the property you want to buy and all Property Costs for the house you are selling.
- The Plan will pay you 80% of the Profit (Sale Price less Valuation) with no costs or deductions whatsoever when your house is sold through the Plan (we do not buy your house).
- To log in to join the Plan and pay our Administration Fee please go to: Plan Membership – Full Login
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