CHAIN MENDER®

How it Works

  • {{chain_mender_deadline_to_submit}}
    • Please read the Movers Conundrum.
    • CHAIN MENDER® is a 4 week chain-mending solution with an Offer of Finance and a Profit Share
    • Your solicitors must be holding a current contract for the property you want to move into and your house must be on Rightmove for sale.
    • IMPORTANT POINT: Use CHAIN MENDER® only when your solicitors can’t delay exchanging contracts for the property you want to move into.
    • Our finance (Provisional Price™) will be available for a 4 week Facility Period (on 5 days notice) from the date of our DataSource Valuation of the house you are selling.
    • OPTION 1
      • Houses with current market value no more than £500,000
      • Provisional Price™ 85% DataSourse Valuation
        or
        after a property visit 85% RICS Surveyors Valuation + Profit Share
    • OPTION 2
      • Houses with current market value over £500,000
      • Provisional Price™ 80% DataSourse Valuation
        or
        after a property visit 80% RICS Surveyors Valuation + Profit Share
    • See: Treating Customers Fairly
    • Our Offer Documents are on-line (which your solicitors and advisors can view) and can be signed on-line.
    • If you think a home visit will result in a more accurate valuation you can upgrade from DataSource to RICS Surveyors Valuation + Profit Share (no later than 15 days before the end of your 4 week Facility Period).

    When you (or Your Estate Agents) have submitted your Application you will be asked to login so you, your solicitors and advisers can view our DataSource Valuation, offer of finance and Offer Documents.

    The following dates are an example of what can happen if an Application is made today.

    Today You login to view our DataSource Valuation, offer of Provisional Price™ at 85% DataSource Valuation and Offer Documents.

    You receive our Application Confirmation email.

    You sign our Offer Documents.

    The start of your 4 week Facility Period.

    You are now a Fast Mover and can quickly exchange contracts on your new home.

  • {{chain_mender_deadline_to_pay}}  You decide a property visit will produce a more accurate valuation of your house and pay our Administration Fee to upgrade from DataSource Valuation to RICS Surveyors Valuation + Profit Share.

    Our RICS Valuation Surveyors contact you to inspect your house which they can generally do within 3 days.

  • {{chain_mender_deadline_for_surveyors_inspection}} RICS Valuation Surveyors property inspection.
  • {{chain_mender_deadline_for_surveyors_valuation}} You login to see our revised offer of Provisional Price™ at 85% RICS Surveyors Valuation and Revised Offer Documents.

    You sign the Revised Offer Documents.

    Your Solicitors confirm they hold a current contract for the property you want to move to (you can take the Provisional Price™ at any time during your 4 week Facility Period on 5 days notice).

  • {{chain_mender_deadline_to_last_draw_down}}You take the Provisional Price™ at 85% RICS Surveyors Valuation.

    You exchange contracts on your next property 9 days from today.

    You can now move as soon as you complete contracts on your new home.

  • {{chain_mender_end_of_facility_period}} The end of your 4 week Facility Period.

    Only if you take our finance (Provisional Price™) will your house be sold. See: Our Offer of Finance

    IMPORTANT POINT: You are not legally committed to sell your home (we do not buy your house) or to take our finance until your solicitors send a Drawdown Notice to our Legal Department.

    Because 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 we can sell your house on your behalf in order to recoup our finance.

    IMPORTANT POINT: If you have upgraded from DataSource Valuation to RICS Surveyors Valuation the Drawdown Documents will include the Profit Share Agreement.

    When you take the Provisional Price™ you must contemporaneously give us vacant possession and pay off any outstanding mortgages (which you can do with the Provisional Price™).

    From the date you take the Provisional Price™ you will have no legal responsibility to pay any Property Costs relating to your house (we will pay Council tax, insurance, utilities, cleaning, garden maintenance, estate agent sale fees and if applicable any Additional Rate of SDLT).

    If you take the Provisional Price™ you will not have to pay your estate agents a Sale Fee (we have not bought your house).

    We re-instruct Your Estate Agents to sell your house.

    Our typical rate for CHAIN MENDER® is 18.7% 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