The Frankly Guarantee Terms & Conditions
1. Overview
The Frankly Guarantee is designed to provide financial support where a residential property purchase fails due to specific qualifying events.
Where eligible, Frankly will contribute up to £2,500 towards certain costs incurred in connection with a subsequent property purchase arranged through Frankly.
The Frankly Guarantee is not an insurance product.
2. Eligibility Requirements
To qualify for the Frankly Guarantee, all the following conditions must be met:
- Initial Conveyancing Requirement
Conveyancing for the initial purchase must have been arranged through Frankly’s nominated conveyancing partner. - Subsequent Conveyancing Requirement
Conveyancing for the subsequent purchase must also be arranged through Frankly’s nominated conveyancing partner. - Mortgage Requirement
The mortgage for both the initial purchase and the subsequent purchase must be arranged through Frankly. - Qualifying Event
The initial purchase must have fallen through due to one of the qualifying events set out in Section 3 below. - Time Limit
The subsequent purchase must complete within 12 months of the initial transaction collapsing, unless otherwise agreed in writing by Frankly. - Evidence
All claims must be supported by appropriate documentation, including invoices and proof of payment.Failure to meet any of the above conditions will result in the Guarantee not applying.
3. Qualifying Events
The Frankly Guarantee will only apply where the initial purchase fails due to one of the following events:
3.1 Down-Valuation
The mortgage lender’s valuation is less than 90% of the agreed purchase price and the transaction does not proceed as a direct result of that valuation.
3.2 Adverse Survey or Material Property Issue
An adverse survey report or new material information about the property is received which, in Frankly’s reasonable opinion, constitutes valid grounds for withdrawal from the purchase.
3.3 Seller Withdrawal
The seller formally withdraws from the sale prior to exchange of contracts.
No other circumstances will qualify.
Frankly’s determination as to whether a qualifying event has occurred shall be final.
4. What the Frankly Guarantee Provides
Subject to the Eligibility Requirements and Qualifying Events above being satisfied, Frankly will contribute towards eligible costs incurred on the subsequent purchase up to the maximum amounts detailed below:
Item | Maximum Amount |
Mortgage Broker Fee | £350 |
Valuation Fee | £250 |
Lender Product Fee | £500 |
Conveyancing Fee | £750 |
Searches* | £350 |
Accommodation & Storage** | £300 |
Reimbursement applies only to eligible costs relating to the subsequent purchase.
Frankly will not reimburse costs exceeding the total maximum contribution of £2,500.
The Guarantee is non-transferable and not redeemable for cash.
Only one claim may be made per initial failed transaction.
* Only one replacement search per paid search. Claims must be made within six months of the original search.
** Receipts must be provided as proof of expenses incurred.
5. Claims Process
Claims must be submitted via your dedicated Frankly Mortgage Adviser in the first instance.
Alternatively, contact:
0800 652 1417
hello@usefrankly.com
Frankly reserves the right to request additional documentation to assess eligibility.
6. Changes to the Frankly Guarantee
Frankly may update the Frankly Guarantee from time to time for new transactions to reflect changes in costs, regulation, or service structure. Any updates will apply only to transactions instructed after the date of change and will not affect transactions already instructed under the terms in force at that time.
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