CHAIN MENDER®

How it Works

  • {{chain_mender_deadline_to_submit}}
    • Please read the Movers Conundrum.
    • Estate Agents
      • Have your Estate Agents had time to sell your house for your Asking Price?
      • Use CHAIN MENDER® only when you have to be a Fast Mover and your solicitors can’t delay exchanging contracts on your next home.
    • 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
      • 85% Profit Share
      • 4 week Facility Period
    • OPTION 2
      • Houses with current market value over £500,000
      • Provisional Price™ 80% DataSourse Valuation
        or after a property visit 80% RICS Surveyors Valuation
      • 85% Profit Share
      • 4 week Facility Period
    • IMPORTANT POINT:
      • Your solicitors must be holding a current contract for the property you want to move to.
      • If the Sale Price of your house is more than Valuation you will receive 85% of the difference between Sale Price and Valuation (85% Profit Share)
      • On payment of our Administration Fee you can upgrade from DataSource Valuation to RICS Surveyors Valuation no later than 15 days before the end of your 4 week Facility Period.
    • You can make an Application or any High Street Estate Agent can do it for you. See: Treating Customers Fairly
    • Our Offer Documents are on-line (which your solicitors can view) and can be signed on-line.

    The following dates show what can happen if you make an Application today (you receive our DataSource Email with offer of Provisional Price™ at DataSource Valuation + 85% Profit Share Agreement and a link to our Offer Documents).

    The Start of your 4 week Facility Period.

  • {{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 to RICS Surveyors Valuation.

    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 receive our RICS Email with offer of Provisional Price™ at RICS Surveyors Valuation + 85% Profit Share Agreement and a link to 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).

    You receive confirmation of the Provisional Price™.

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

    Your solicitors give us 5 days notice.

  • {{chain_mender_deadline_to_last_draw_down}}You take the Provisional Price™ at 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.

    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.

    IMPORTANT POINT: The Drawdown Documents include an Undertaking from our Legal Department that your 85% Profit Share (85% of the difference between Sale Price and Valuation if the Sale Price of your house is more than Valuation) will be sent to your solicitors (with no deductions) within 5 days from the date contracts are completed on the sale of your house.

    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 will re-instruct your Estate Agents to sell your house and pay them a 1.5% Resale Fee.

    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