- STEP 1. Submit an Application (you cannot select the On line Estate Agent) to see if CHAIN MENDER® is available for your house and the High Street Estate Agent for your post code – your house must have a current Market Value of no more than £500,000 (you tell us what you think your house is worth), not been on the market for sale for more than the last 6 months and your solicitor must be holding a current Sale Contract for the property you want to buy. See: Road Map
- You receive an Application Approval email with an indicative Provisional Price™ based on the Estate Agents Opinion of Valuation to give you an idea what your house is worth (subject to our Surveyors inspection) and their contact details.
- Within 1 week from Application Approval you must pay our Administration Fee.
- IMPORTANT POINT: 1 week to decide if you want a guaranteed Provisional Price™ for your house until it is sold (+ Profit Share Agreement) so that you do not to loose the property you want to buy.
- STEP 2. You pay our Administration Fee through Worldpay. See: Payment
£299: Internal Inspection for Provisional Price™ of 80% Surveyors Valuation with VAL FREE® for your buyer. If you want to draw down the Provisional Price™ you can do so within 3 weeks following our Surveyors Valuation of the house you are selling.
- STEP 3. You receive the Surveyors Valuation (with the most recent sale prices achieved for 3 comparable local properties), Finance Documents (and our guaranteed Provisional Price™) which you sign and return.
- IMPORTANT POINT: With the guarantee of the Provisional Price™ your chain is mended (you know that you can draw down the Provisional Price™ in 3 days) and you can exchange contracts for your next home.
- You can draw down the Provisional Price™ in advance of selling your house for the highest price.
- IMPORTANT POINT: When you sign the Financial Documents you have no commitment to draw-down the Provisional Price™.
- If you want to draw down the Provisional Price™ you will be sent Drawdown Documents.
- We do not buy your house: the Drawdown Documents include a Sale Contract (our Legal Department will add the buyers name) and Transfer for you to sign so that your house can be sold, Profit Share Agreement and an Undertaking from or Legal Department.
- When you draw down the Provisional Price™ you must contemporaneously give us vacant possession and pay off any outstanding mortgages (which you can do with the Provisional Price™) so that our bankers can secure a first charge. Your solicitors must also confirm they are holding a current Sale Contract for the property you want to buy and confirm you have advised them that your house had not been on the market for sale for more than 6 months proceeding your application to Albani.
- You have no personal responsibility to repay the Provisional Price™ even if your house is sold for less.
- IMPORTANT POINT: We will pay the Estate Agent a success fee if they sell your for no less than their Opinion of Valuation.
- Profit Share Agreement
- 10% difference between Sale Price and Provisional Price™ with no deductions (‘Your Profit Share’).
- IMPORTANT POINT: We will pay the cost of a thorough spring clean and garden tidying and all property related costs including insurance, legal costs and the Estate Agents Sale Fee.
- Undertaking from our Legal Deparment
- To send Your Profit Share to your solicitors immediately contracts are completed on the sale of your house.
- IMPORTANT POINT: We return the Administration Fee if after our Surveyors Valuation we do not offer you a guaranteed Provisional Price™ at 80% Surveyors Valuation (provided there is nothing untrue or inaccurate in your Application Form), if your house does not have a Land Registry Title Number or if we do not send you the Financial Documents to sign.
- If you need advice as to whether you should take CHAIN MENDER® or any other financial product you must consult a solicitor, broker or financial adviser.
Our typical rate for CHAIN MENDER® is 25.2% APR
- See: Important Note about CHAIN MENDER® APR.[[[[[
ANY LOAN WILL BE SECURED BY A CHARGE OVER THE PROPERTY YOU ARE SELLING. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.