Guaranteed Value Scheme

1. For the purposes of this Guarantee:
(i) The Guarantee period will begin on the Commencement Date and end on the Expiry Date.
(ii) The Original Purchase Price is the net purchase price of the property paid to Countryside Properties.
2. During the Guarantee Period, if the purchaser completes a sale of the property covered by this Guarantee for less than the Original Purchase Price, Countryside Properties will reimburse the difference, subject to the provisions detailed below.
3. This Guarantee will be conditional upon:
(i) The purchaser maintaining all applicable mortgage payments until the date of sale, and complying with all other terms of the mortgage against the property.
(ii) The purchaser maintaining an adequate level of fully comprehensive buildings insurance on the property.
(iii) The purchaser maintaining the structure, decorative condition and any gardens to the highest possible standard.
(iv) The purchaser maintaining any fixtures and fittings, included in the purchase price of the property, to the highest possible standard.
(v) The purchaser complying with all restrictive covenants, planning laws, building byelaws and other obligations affecting the property, and acting reasonably at all times to all relevant third parties (including neighbouring property owners).
(vi) The purchaser having occupied the property since purchase as the purchaser's main residence.
(vii) The terms of the relevant disposal being freely negotiated in the open market at arm's length.
(viii) The purchaser using best endeavours to sell the property at the open market value, using the services of a leading Estate Agent, approved in advance and in writing by Countryside Properties, and allowing a reasonable time in which to sell.
(ix) The price being paid representing a cash sum being paid exclusively for the property.
(x) There being no collateral or linked agreements or negotiations between the purchaser and the third party purchaser which do, or may, affect the price so negotiated.
(xi) The third party purchaser being a bona fide purchaser for value.
(xii) The purchaser simultaneously completing the purchase of a residential dwelling of equal or greater value as the property to serve as the purchaser's main and principal residence at the time a claim is made pursuant to this guarantee.
4. The purchaser shall notify Countryside Properties, in writing, of the intention to sell the property, giving details of the valuations obtained and the Estate Agents to be instructed, before the property is placed on the market. The purchaser will also provide Countryside Properties with regular updates on progress made in relation to the sale.
5. Countryside Properties shall be entitled to market the property via an independent agent in tandem with the agent appointed by the purchaser, PROVIDED THAT Countryside Properties shall be responsible for any additional agency fee incurred as a consequence of appointing its own agent.
6. The benefit of the guarantee is personal to the purchaser named on the form above and will not be assignable to any mortgagee in possession or successor in title.
7. In the event of any dispute as to the interpretation of any provision of this guarantee, the decision of the Chairman of Countryside Properties shall be final and binding.
8. This guarantee must be annexed to and form part of the Agreement for Sale of the Property.

 


Countryside Properties PLC
Countryside House,
The Drive, Brentwood,
Essex CM13 3AT
T: 01277 260000