CHAIN FREE®

The CHAIN FREE® Home Owners Plan™

  • The Plan will make you a Proceedable Buyer (the property you are selling must have a current Market Value of no more than £500,000). See: How it Works
  • As a Proceedable Buyer and Member of the CHAIN FREE® Home Owners Plan™: 
    • Your Membership Period will be 40 weeks from the date you log in to join the Plan and pay our Administration Fee.
    • You will be able to secure the property you want to buy at the lowest price without having to sell your house or having to take the finance (the “Fall Back Price®”) from Albani Limited.
    • You can negotiate the price of the property you want to buy (you know you can take the Fall Back Price® in 5 days).
    • You can recoup the 1% Fee (Option 1). See: An Example. No 1% Fee (Option 2).
    • You have the insurance of the Fall Back Price® for a 20 week Facility Period while your Estate Agent is trying to sell your house at your Asking Price.
    • You can extent your 20 week Facility Period (during which you have the insurance of the Fall Back Price®) to 40 weeks (Albani will have your house Re-valued and a revised Fall Back Price® and revised 1% Fee calculated).
    • You can sell your house for a price no less than your Estate Agents recommend you accept (Market Value). 
  •  IMPORTANT POINT: Joining the Plan 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 Financial Documents you will ONLY have to pay the 1% Fee in the following Events:
    • If you take the Fall Back Price® during your Facility Period (in which case your house will be sold through the Plan).
    • If you have not taken the Fall Back Price® and you sell your house during your Membership Period.
    • If you have not taken the Fall Back Price® and you take your house off the market for sale during your Membership Period (in this circumstance you can pay the 1% Fee in 1 Year).
  • You do NOT have to pay the 1% Fee if you have not taken the Fall Back Price® and leave your house on the market for sale during your Membership Period and your house does not sell (No Sale – No 1% Fee). 
  • IMPORTANT POINT: When you sign the Financial Documents:
    • You will have the insurance of the Fall Back Price® whilst your Estate Agent is selling your house at your Asking Price.
    • You can be a Proceedable Buyer for up to 40 weeks.
    • You are NOT committed to sell your home and NOT committed to take the Fall Back Price®. 
  • IMPORTANT POINT: The Plan will pay your Estate Agents a £1,000 Success Fee (in addition to the Sale Fee you have agreed to pay them) if  they sell your house for you for over the Fall Back Price® (to encourage your Estate Agents to sell your house for the highest possible price).
  • Because neither the Plan nor Albani buy your house the Financial Documents sent to your solicitors include a Sale Contract (Albani Legal Department will add the buyers name) and Transfer for you to sign so your house can be sold by the Plan if you decide to take the Fall Back Price®.
  • 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 home if your solicitor sends Albani Legal Department a Drawdown Notice (with all required documents).
    • You will NOT have to pay your Estate Agents a Sale Fee (neither the Plan nor Albani have not bought your house) and the Plan will instruct them to sell your house and the Plan will pay them a Resale Fee.
    • You must contemporaneously give us vacant possession and pay off any outstanding mortgages (which you can do with the Fall Back Price®).
    • The Plan will pay any Additional Rate of Stamp Duty Land Tax on the property you want to buy and all Property Costs for the house you are selling.
    • The Plan will pay you 80% of the Profit (Sale Price less Valuation) with no costs or deductions whatsoever when your house is sold through the Plan (we do not buy your house).
  • 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” or “Plan Company”) incorporated in England under Company Number 6944615.
  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 (the “Administration Fee”) join the Plan (the “Member” or “Members” or “You” or “Your”).
    2.2 You will receive the benefit of CHAIN FREE® (the “Facility Letter”) which guarantees You will receive from Albani a percentage of Surveyors Valuation or DataSource Valuation (the “Valuation”) for the house (the “Property”) You are selling (the “Fall Back Price®”) conditional on the Your solicitor providing Albani with a request (the “Drawdown Notice”) that You want to take the Fall Back Price®.
    2.3 IMPORTANT POINT: Signing the Financial 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 (the “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 Financial 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 (the ‘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 (the “Property Costs”) relating to Your Property e.g. initial spring clean and garden tidying (the “Refreshment”), utility costs, Council tax, buildings insurance, garden maintenance, estate agents success and re-sale fees and any Stamp Duty Land Tax (the “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 (the “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 (Finance Company 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 Financial Documents and do not take the Fall Back Price® the Plan will pay Your estate agents a £1,000 success fee (in addition to the sale fee You have agreed to pay them) if they sell Your Property 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 Company will pay them a resale fee of 1.5% plus VAT (or if the Online Estate Agent by arrangement with them).
  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 Commences on the date You log in to join the Plan and pay Albani the Administration Fee and ends after 200 working days say 40 weeks (the ‘Membership Period’) 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 (the “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 during Your Membership Period (and do not take the Fall Back Price®). In this Event You can pay the 1% Fee in 1 Year.
  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 Financial 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.