- Market Value:
- The market value of your house is the highest offer your agent receives after proper marketing for sale when no higher offers have been received resulting in an exchange of contracts.
- Upgrading from DataSource Valuation to RICS Surveyors Valuation + Profit Share:
- You can upgrade at any time but no later than 15 days before the end of your 4 week Facility Period.
- Profit Share:
- Please leave your house spick-and-span as it will be sold empty and vacant.
- If the Sale Price of your house is more than Valuation your Profit Share (with no deductions) will be sent to your solicitors within 5 days from the date contracts are completed on the sale of your house.
- Application:
- CHAIN MENDER® is only available if your house is on Rightmove for sale and your solicitors are holding a contract for the property you want to move into.
- RICS Surveyors Valuation:
- A professional valuation carried out by a member of the Royal Institute of Chartered Surveyors (RICS).
- DataSource Valuation:
- An automated valuation model (AVM) uses a machine-learning algorithm to compare your home against a dataset of other homes to estimate its value.
- An AVM uses a wide array of publicly-available and user-sourced data, such as property type, size, general location, and comparable property sales with mathematical / statistical modelling to provide an immediate value.
- Our DataSource Valuations (AVM’s) are provided by Rightmove and fall within RICS guidelines.
- When you submit your Application you will receive a free DataSource Valuation of your property for sale.
- DataSource Valuation vs. RICS Surveyors Valuation:
- A computer generated objective estimate of your house’s value (available at the click of a button) vs. a professional subjective valuation carried out by a RICS Chartered Surveyor (after viewing your house for sale).
- Your Solicitors:
- When you have logged-in to Your Home Page you will see a link so your solicitors can view our Valuations, offer of finance and our Offer Documents and Drawdown Documents.
- The Offer Documents will require you to confirm you have taken legal advice.
- The Offer Documents will require your solicitors to confirm they are holding a contract for the property you want to move into.
- We will only ask for your solicitors contact details when we send you our Drawdown Documents.
- It is important that you take advise from your solicitors before signing our Documents.
- All our Documents can be signed electronically (subject to HM Land Registry conditions).
- Your Agent:
- We do not ask your agent for their valuation of the property you are selling.
- You or your agent can submit an Application.
- We do not recommend or promote any firm of agents and we do not take fees or commissions.
- Administration Fee:
- Only payable if you upgrade from DataSource Valuation to RICS Surveyors Valuation
- We will refund the Administration Fee if your solicitor informs our Legal Department that your house is not freehold or does not have a Land Registry Title Number.
- When you take our finance (Provisional Price™):
- Your house must be empty, vacant and mortgage free.
- You can pay off any outstanding mortgages with the Provisional Price™.
- We will not gazump the buyer.
- You can:
- Return to your house after taking the Provisional Price™ and retain ownership providing you repay us the Provisional Price™ before your house is sold (you gave us vacant possession). No Charges – No Costs
- If I take your finance and buy another property and there’s a delay in your company selling my old one won’t I have to pay the higher rate of Stamp Duty as I will own two properties?
- If we sell your house (First Property) within three years of your buying your next property (Second Property) you can apply for a Stamp Duty Land Tax (SDLT) refund (this will let you claim back the extra tax you paid on the Second Property).
- If you take our finance (Provisional Price™) and buy another property (Second Property) before your house is sold we will pay our solicitors any Additional Rate of SDLT so that you only have to pay the Standard Rate of SDLT on the Second Property (our Legal Department will provide your solicitor with an Undertaking to this effect).
- We will subsequently claim any Additional Rate of SDLT (which will be paid to your solicitors within 5 days from the date our Legal Department receive from your solicitors a copy of the SDLT1 return and SDLT5 Certificate applicable to the Second Property together with your authority that we can claim a refund of the Additional Rate of SDLT when the First Property is sold).
- If I take your Provisional Price™ and then make a mortgage application to buy another property will I have to say that I already have a mortgage?
- You must answer “Yes“
- Because a lender will ask you on completion if there will be any other loans secured against the property you want to buy.
- Because you have said “Yes” the lender will ask for details.
- You should say that you “have non-recourse finance from Albani and therefore you have no mortgage or home loan commitment“.
- Non-recourse means you have no legal commitment to repay our finance (we can only recover our finance from the sale of your house).
- Regulation:
- CHAIN MENDER® is not a regulated mortgage contract.
- Your solicitors can obtain verification from our Legal Department of our financial credentials.
- Although our finance is interest-free the Consumer Credit Act (CCA) requires us show the APR. Please see APR? which explains what this means.
- Even though our legal documents say you do not have to pay back the Provisional Price™ the CCA requires us to say that “your home may be repossessed if you do not keep up repayments on a Loan or on any other debt secured on it.”
- You can decline permission to Albani to share information. See our Privacy Policy.
- Your Questions:
- Will be answered by a senior member of staff not a robot.
- See: Ethical Finance
- Please Contact Us
