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- Please read the Movers Conundrum.
- CHAIN MENDER® is a chain-mending solution guaranteeing you up to 85% of the value of the house you are selling (Provisional Price™) for 4 weeks from the date of our DataSource Valuation.
- 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.
- CHAIN MENDER® will make you a FAST MOVER up to your Provisional Price™.
- IMPORTANT POINT: If you take the Provisional Price™ and the Sale Price of your house is more than Valuation you will receive 85% of the difference between Sale Price and Valuation (no deductions).
- Estate Agents
- Give your Estate Agents 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
- See: Treating Customers Fairly
- Our Offer Documents are on-line (which your solicitors 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 (no later than 15 days before the end of your 4 week Facility Period).
When you 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 (which include the Profit Share Agreement).
The following dates are an example of what can happen if you make an Application today.
Today you receive our Application Confirmation email (you have logged-in to view our DataSource Valuation, offer of Provisional Price™ at 85% DataSource Valuation and Offer Documents).
The date of our DataSource Valuation is 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 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).
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 for 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