- 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 can have the insurance of the Fall Back Price® for up to 40 weeks 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 Fee (1% Fall Back Price®, minimum £1,980 incl VAT Option 1). See: An Example
- IMPORTANT POINT: Joining the Plan and signing the Offer Documents does NOT commit you to:
- 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 (Option 1):
- If you take Fall Back Price® during your 20 week Facility Period (extendable to 40 weeks).
- 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 (Option 1):
- 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.
- 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):
- IMPORTANT POINT: 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
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