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CHAIN FREE®

Example

Selling

RICS Valuation £350,000
  • CHAIN FREE®: a 20 week chain-avoiding insurance type arrangement (with an offer of finance) available through the Home Owners Plan™ for a 1% Fee. See: para 3 and 4 Plan T&Cs for full details.
  • IMPORTANT POINT: The Plan enables you, using our offer of finance
    (Fall Back Price®) to avoid the risk of being in a chain.
  • IMPORTANT POINT: Before your house is sold you can quickly secure your next house against competition with 20 weeks to find the right mortgage and any additional finance required.
  • IMPORTANT POINT: Joining the Plan does not legally commit you to sell your home or to take the Fall Back Price®.
  • See: How it Works

Buying

£400,000

You join the Home Owners Plan ™ and receive our offer of a
Fall Back Price®.

With our offer of a Fall Back Price® (available for 20 weeks on 5 days notice) you can say that you are a “cash buyer up to your Fall Back Price® and are arranging any additional finance required to complete the purchase”.

Your First Offer could be £376,000
(£400,000 less 6% / £24,000)

Second Offer £368,000
(£400,000 less 3% / £12,000)

Third Offer £396,850
(£400,000 less our 1% Fee / £3,150)
  • You can wait to sell for your Asking Price and before selling use CHAIN FREE® to secure your next property at a discount *

Assume

– Selling Price (Valuation) £ 350,000
– Fall Back Price® (90% £350,000) £ 315,000
– 1% Fee (1% Fall Back Price®) £ 3,150 
– Buying Price £ 400,000
– 6% Saving on Buying Price £ 24,000

Savings

– On Buying Price £ 24,000
– Less 1% Fee £ 3,150
– Total Saving £ 20,850

* IMPORTANT POINT: Most home owners will use CHAIN FREE® (our offer of a Fall Back Price®) to secure their next house (recouping our 1% Fee) and will not need to take the Fall Back Price® because their estate agent had time to sell their old house for the highest price.
  • You can’t wait to sell for your Asking Price and decide to take the Fall Back Price® (90% Loan to Value).
  • The Drawdown Documents include a Sale Contract (our Legal Department will add the buyers name and Transfer for you to sign) so if you take the Fall Back Price® your house can be sold through the Plan.
  • IMPORTANT POINT: You only have to sell your home (we do not buy your house) when your solicitors send our Legal Department a Drawdown Notice.
  • You receive the Fall Back Price® less our 1% Fee (your house must be contemporaneously vacant, empty and mortgage-free).
  • You can pay off your mortgage with the Fall Back Price® or transfer your mortgage to the house you want to buy.
  • IMPORTANT POINT: If you take the Fall Back Price® we refund the Administration Fee.
  • We re-instruct Your Estate Agents to sell your house.