How do I apply and how long does everything take?

You simply need to complete the straightforward two page application form which we will go through with you. Any supporting evidence of the property’s value such as a survey or comparables should also be provided at this stage as this may assist us in reaching its valuation figure. Once the application form has been submitted, Centrila will usually provide us decision on the property value within 5 working days. From this point, the issuing of contracts and remaining administration required for the Cenoption to be put in place can normally be completed within two weeks.

How many Cenoptions can an individual hold?

There is no restriction on the number of your properties that can benefit from a Cenoption. You could apply for a Cenoption on one single property, or multiple Cenoptions across your entire portfolio or a select group of properties within your portfolio.

Can I assign my Cenoption?

The Cenoption allows you to assign the benefit of the contract to any individual or corporate body of your choosing, including but not restricted to mortgage lenders, new owners or even beneficiaries within a will

How much does the Cenoption cost?

For UK properties the single premium charged for each Cenoption is 2.8% of the agreed upon value of the property. You can elect to make the payment in 3 Stages at 1% + VAT per annum.

What is the valuation process?

Centrila will undertake its own valuation of the property by a combination of many methods which negate the need for an actual physical inspection. There is no cost involved in having your property valued by Centrila, allowing you to have your property’s value confirmed before you have made any financial commitment.

If I wish to exercise my Cenoption, how is this done and what are the timeframes involved?

This is a very simple form for you to complete and then send back to Centrila at any point after your option becomes exercisable, i.e. at any date from 3 to 10 years after having taken the Cenoption out.

If I exercise my Cenoption, am I liable for any fees?

You are only responsible for your own solicitor’s costs and also for any statutory requirements such as the provision of a Home Information Pack. You will also benefit from not having to pay any estate agent’s fees which can range from 1% to 3% on a typical sale.

As the holder of a Cenoption, what are my obligations?

You should refer to your Cenoption contract for a full list of your obligations, but in general terms you are required to keep the property in a good condition, maintain any required insurances (especially buildings insurance) and not to make any structural alterations to the property without having first obtained written consent from Centrila, who will normally consent to these as long as they do not detract from the property’s value.