CHAIN FREE®

Home Owners Plan™

  • CHAIN FREE® is a chain-avoiding arrangement (available through the Home Owners Plan™) that gives you the insurance of a Fall Back Price® for the house you are selling (which must have a current Market Value of no more than £500,000). See: How it Works
  • When you join the Plan (1 Year Membership) and sign the Offer Documents you will have CHAIN FREE® for a 20 week Facility Period (extendable to 40 weeks) during which time you will be a Proceedable Buyer while your chosen Estate Agent is selling your house for your Asking Price:
    • You can sell your house for a price no less than your Estate Agents recommend you accept (Market Value). 
    • You can drawdown (take) our finance (the Fall Back Price®).
    • You have the insurance of the Fall Back Price® while your Estate Agents are trying to sell your house at your Asking Price.
    • You will be able to secure the property you want to buy without having to sell your house or having to take the Fall Back Price®.
    • You can buy at a discount (you know you can take the Fall Back Price® in 5 days).
    • You can recoup our 1% Fee (Option 1). See: An Example
  •  IMPORTANT POINT: Joining the Plan and signing the Offer Documents does NOT commit you to:
    • Pay the 1% Fee.
    • Sell your house.
    • Take the Fall Back Price®.
  • If you join the Plan AND sign the Offer Documents you will ONLY pay the 1% Fee:
    • If you take Fall Back Price® during your Facility Period.
    • If you sell your house during your Plan Membership.
    • If you do not take the Fall Back Price® and during your Plan Membership you take your house off the market for sale (1% Fee payable in 1 Year).
  • You do NOT pay the 1% Fee:
    • if you do not take the Fall Back Price® and during your Plan Membership you do not take your house off the market for sale and do not sell it. No Sale – No Fee 
  • IMPORTANT POINT: Because neither the Plan nor Albani buy your house the Offer Documents sent to your solicitors include a Sale Contract (our Legal Department will add the buyers name) and Transfer for you to sign so if you decide to take the Fall Back Price® your house can be sold through the Plan.
  • If you take the Fall Back Price® (because you can’t wait for your Estate Agent to sell your house at your Asking Price):
    • you will ONLY be legally committed to sell your house if your solicitor sends our Legal Department a Drawdown Notice.
    • you will NOT have to pay your Estate Agents a Sale Fee as neither the Plan nor Albani buy your house (the Plan will instruct them to sell your house and pay them a Resale Fee).
    • you will have all Property Costs for the house you are selling and any Additional Rate of Stamp Duty Land Tax (SDLT) on the property you want to buy paid by the Plan.
    • you will receive 80% of the Profit with no costs or deductions whatsoever when your house is sold through the Plan (Sale Price less Valuation). 
  • To log in to join the Plan and pay our Administration Fee please go to: Plan Membership – Full Login
  1. Home Owners Plan Limited (Plan Company) incorporated in England under Company Number 6944615 operates the Home Owners Plan™ (Plan).
  2. Plan Benefits   
    2.1 Home owners who have agreed to the Plan Membership Terms and who have paid the finance company, Albani Limited (Albani) either Option 1: £298 or Option 2: £121 (Administration Fee) join the Plan (Member or Members or You or Your).
    2.2 When You sign the Offer Documents You will receive the benefit of CHAIN FREE® (Facility Letter) which guarantees You will receive from Albani a percentage of Surveyors Valuation or DataSource Valuation (Valuation) for the house (Property) You are selling (Fall Back Price®) conditional on the Your solicitor providing Albani with a request (Drawdown Notice) that You want to take the Fall Back Price®.
    2.3 IMPORTANT POINT: Signing the Offer Documents does not commit You to take the Fall Back Price® or to sell Your Property. 
    2.4 Neither Plan Company nor Albani or any company connected to them will buy the Property.
    2.5 The Drawdown Documents include a Sale Contract – Albani Legal Department will add the buyers name and Transfer for You to sign (enabling Albani to sell Your Property through the Plan).
    2.6 If the sale price of Your Property exceeds the Valuation You will receive a profit share of 80% of the difference between Sale Price and Valuation (Profit Share) with no costs or deductions whatsoever.
    2.7 Your solicitors will receive an undertaking from Albani Legal Department to send Your Profit Share to them within 5 working days from the date contracts are completed on the sale of Your Property (Your Property will only be sold through the Plan if you sign the Offer Documents AND take the Fall Back Price®). 
    2.8 You can take the Fall Back Price® during 100 working days (say 20 week) starting on the date of the Valuation of Your Property (Facility Period).
    2.9  To apply for an extension of the Facility Period to a total of 200 working days (say 40 weeks). Please Contact Us for details. 
    2.10 If You take the Fall Back Price® the Plan will be responsible for and will pay all costs (Property Costs) relating to Your Property e.g. initial spring clean and garden tidying (Refreshment), utility costs, Council tax, buildings insurance, garden maintenance, estate agents Success Fee and Re-sale Fee and any Stamp Duty Land Tax (SDLT).
    2.11 The Plan will pay the Property Costs from the date You decide to take the Fall Back Price® to the date Your Property is sold through the Plan .
    2.12 IMPORTANT POINT: SDLT  
    2.12.1 If You take the Fall Back Price® and buy another property (Second Property) before Your Property is sold You will be charged by HM Revenue & Customs an Additional Rate of SDLT on the Second Property.
    2.12.2 Property Costs include paying Your solicitors the Additional Rate so that You only have to pay the Standard Rate on the Second Property (Albani Legal Department will provide Your solicitor with an Undertaking to this effect).
    2.12.3 The Plan will subsequently claim the Additional Rate of SDLT (which will be paid to Your solicitors within 5 working days from the date Legal Department receive from Your solicitors a copy of the SDLT 1 return and SDLT 5 Certificate applicable to the Second Property together with Your authority that the Plan can claim a refund of the Additional Rate when the First Property is sold).
    2.12.4 IMPORTANT POINT: If You sign the Offer Documents the Plan will pay Your estate agents a £1,000 fee (Success Fee) if they sell Your Property for You during your Plan Membership for more than the Fall Back Price®.
    2.12.5 If You take the Fall Back Price® the Plan will instruct your high street estate agents to sell Your Property and Plan will pay them a sale fee of 1.5% plus VAT (Re-sale Fee) or if You have the Online Estate Agent (the Plan will pay them by agreement).
  3. Sale Price
    3.1 If the Sale Price of Your Property is lower than Your Fall Back Price® You have no personal responsibility to refund Albani the difference.
  4. Plan Membership
    4.1 Your Plan membership (Plan Membership) commences on the date of Surveyors or DataSource Valuation (Valuation Date) and ends after 1 Year (Membership End Date) or on an Event whichever is earlier.
  5. Payment of 1% Fee (Option 1)
    5.1 You agree to pay the Plan a 1% Fee (1% Fall Back Price®, minimum £1,980 incl VAT) in the following circumstances (Event or Events):
    5.1.1 When You take the Fall Back Price® during Your Facility Period; 
    5.1.2 When You exchange contracts to sell Your Property during Your Membership Period (and do not take the Fall Back Price®);
    5.1.3 When You take Your Property off the market for sale (Off Market Date) during Your Membership Period (and do not take the Fall Back Price®). In this Event You can pay the 1% Fee in 1 Year from the Off Market Date.
  6. IMPORTANT POINT: You leave the Plan if: 
    6.1 You do not pay Albani the Administration Fee;
    6.2 You do not sign the Offer Documents;
    6.3 During Your Membership Period You do not take Your Property off the market for sale and You do not exchange contracts to sell Your Property (No Sale – No 1% Fee).
  7. There is no 1% Fee for Option 2. 
  8. IMPORTANT POINT: Drawdown Notice (that you want to take the Fall Back Price®).
    8.1 Your solicitors can send the Albani Legal Department a Drawdown Notice at any time during Your Facility Period:  
    8.1.1 The Drawdown Notice will confirm You will have the Fall Back Price® in 5 working days.
    8.1.2 The Drawdown Notice cannot be received by the Albani Legal Department later than 5 working days before the end of Your Facility Period.