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 or us) 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 you with finance (Fall Back Price®) subject to you signing the Offer Documents which include these Plan Terms and Conditions (T&Cs).
    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 or RICS Surveyors Valuation (Valuation) for the house you are selling on 3 days notice during 20 weeks from the date of the Valuation (Facility Period).
    1.3 You can join the Plan at any time providing at the date you sign our Offer Documents your house has not been “Added on” Rightmove for sale for over 10 weeks.
    1.4 The fee for joining the Plan is a 1% Membership Fee (1% Fall Back Price®, minimum £1,980).
  2. Signing the Offer Documents (incl. Plan T&Cs)
    2.1 You will be a member of the Plan for the Facility Period (Plan Membership).
    2.2 You will receive CHAIN FREE® confirming the Fall Back Price® for your house.
    2.3 IMPORTANT POINT: If you have RICS Surveyors Valuation your buyer can have a VAL FREE® mortgage offer.  
    2.3 Does not commit you to take the Fall Back Price® and does not commit you to sell your house.
  3. What the 1% Membership Fee (1% Fee) is for
    3.1 To enable us to provide the Fall Back Price® for you to take on 3 days notice.
    3.2 To cover the cost of reserving finance for you for the duration of your Plan Membership.
    3.3 To provide you with a chain-avoiding insurance type arrangement (CHAIN FREE®).
  4. IMPORTANT POINT: When you must pay your 1% Fee
    4.1 If you take the Fall Back Price® during your Facility Period we deduct it from the Fall Back Price®.
    4.2 When we have reserved the Fall Back Price® for you which you have not taken during your Plan Membership because:
    4.2.1 you have exchanged contracts to sell your house in which event your solicitors will send it to us;
    4.2.3 you have taken your house off the market for sale in which event you can pay us in 1 year.
  5. When you do not pay the 1% Fee
    5.1 If you leave your house on the market for sale during your Plan Membership and do not sell it (No Sale – No Fee).
    5.2 In the circumstances described in 6.2.3
  6. Force majeure for Fall Back Price® at 90% RICS Surveyors Valuation
    6.1 Houses with current market value no more than £500,000.
    6.2 Due to unprecedented levels of economic uncertainty we have, for the foreseeable future, to insert  in our Offer Documents a force majeure clause:
    6.3 Force majeure is an unforeseen event outside our control, that will prevent us from fulfilling our contract obligations.
    6.3.1 Force majeure clause will be triggered by reference to the RICS Residential Market Survey of monthly sentiment of Chartered Surveyors (Survey).
    6.3.2 If 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% RICS Surveyors Valuation will be reduced by 5% (Reduced Fall Back Price®).
    6.3.3 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.
    6.4 We provide you and your solicitors with a link to a web page where the Survey can be viewed over the previous 12 months.
  7. Upgrading from DataSource Valuation to RICS Surveyors Valuation
    7.1 Before Upgrading you must pay our Administration Fee.
    7.2 You can upgrade at any time but no later than 15 days before the end of your Facility Period.
  8. Taking the Fall Back Price®
    8.1 The Drawdown Notice cannot be submitted later than 3 days before the end of your Facility Period.
    8.2 The Fall Back Price® will be remitted to your solicitors within 3 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 through the Plan, the Plan will be responsible for and will pay:
    9.2.1 Council tax, insurance, utilities, cleaning, garden maintenance, estate agent sale fees in the circumstances described in 10.1 and if applicable any Additional Rate of SDLT.
  10. Estate Agent Fees
    10.1 If you take the Fall Back Price® you do not have to pay your Estate Agents a Sole Agency Fee as we have not bought your house.
    10.2 Plan Company will re-instruct your Estate Agents to sell your house through the Plan and the Plan will pay them a 1.5% Resale Fee.
    10.3 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® the Plan will pay your Estate Agents a £1,000 Success Fee (in addition to the Sole Agency Fee you have agreed to pay them).
  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 (Albani Legal Department will provide your solicitor with an Undertaking to this effect).
    11.3 The Plan will subsequently claim any Additional Rate of SDLT (which will be paid to your solicitors within 3 days from the date Albani Legal Department receive from your solicitors a copy of the SDLT1 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).
  12. Selling your house
    12.1 Your house will only be sold through the Plan if your solicitors submit a valid 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 Albani the difference.