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CHAIN MENDER®

Treating Customers Fairly

  • Market Value:
    • The Market Value of your house is the highest offer your estate agent receives after proper marketing for sale when no higher offers have been received resulting in an exchange of contracts.
  • Applications:
    • CHAIN MENDER® is only available if your solicitors are holding a current Sale Contract for the property you want to move into and your house is on Rightmove for sale.
    • You should use CHAIN MENDER® only when your estate agent needs more time to sell your house for your Asking Price and your solicitors can’t delay exchanging contracts on your next home (you have to be a Fast Mover).
  • 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 AVM’s (DataSource Valuations) are provided by Rightmove.
  • DataSource Valuation vs. RICS Surveyors Valuation:
    • A computer generated estimate of your house’s value (available at the click of a button) vs. a professional valuation carried out by a 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.
    • We will only ask for their 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 Estate Agents:
    • Must be high street estate agents.
    • Estate agent fees are visible and clear.
    • We do not ask your estate agents for their Opinion of Valuation.
    • You or your estate agents can submit an Application.
    • We do not recommend or promote any firm of estate 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 and does not have a Land Registry Title Number.
  • Upgrading from DataSource Valuation to RICS Surveyors Valuation:
    • You can upgrade at any time but no later than 15 days before the end of your 4 week Facility Period.
  • Profit Share Agreement:
    • 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 85% 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.
  • 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™.
  • 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 you take the Provisional Price™ and buy another property before your house is sold (we do not buy your house):
    • HM Revenue & Customs (HMRC) may charge you an Additional Rate of Stamp Duty Land Tax (SDLT) on the second property.
    • In these circumstances our Legal Department will give your solicitors an undertaking that we will pay them the Additional Rate (within 5 days before you complete contracts on the property you want to buy) so you only have to pay the Standard Rate of SDLT on the second property (we will subsequently be able to claim a refund of the Additional Rate from HMRC).
  • Regulation
    • 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.”
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  • Your Questions: