CHAIN FREE®

Home Owners Plan™

  • Guarantees Albani Limited will provide you with finance (Fall Back Price®).
  • Provides you with a chain-avoiding insurance type arrangement (CHAIN FREE®).

Plan Terms and Conditions

  1. General information
    1.1 Home Owners Plan Limited (Plan Company) incorporated in England under Company Number 6944615:
    1.1.1 will pay all costs and expenses of the Home Owners Plan™ (Plan).
    1.1.2 guarantees Albani Limited (Albani) incorporated in England under Company Number 05808405 will provide you with finance (Fall Back Price®) subject to you agreeing to these Plan Terms and Conditions (Plan T&Cs)
    1.2 CHAIN FREE® (available through the Plan) is an insurance type arrangement confirming you can drawdown (take) a percentage of Surveyors Valuation for the house you are selling on 3 days notice during your 20 week (extendable to 40 weeks) Facility Period starting on the fate of Surveyors Valuation.
    1.3 To apply for an extension of the Facility Period (to a total of 40 weeks) Contact Us.
    1.4 The Plan T&Cs are part of the Offer Documents
    1.5 Subject to you signing the Offer Documents (including the Plan T&Cs) your Plan Membership will be for 40 weeks commencing on the date of Surveyors Valuation of the house you are selling.
    1.6 If you take the Fall Back Price® you do not have to pay your Estate Agents a Sale Fee (we have not bought your house), the Plan will re-instruct your Estate Agents to sell your house through the Plan and the Plan will pay them a 1.5% Resale Fee.
    1.7 CHAIN FREE® and Fall Back Price® are available through the Plan.
    1.8 There is a 1% Fee (1% Fall Back Price® minimum £1,980) to join the Plan.
  2. Signing the Offer Documents
    2.1 When you have signed the Offer Documents which you must do within 4 weeks from the date your Application:
    2.1.1 you will be a member of the Plan for 40 weeks commencing on the date of Surveyors Valuation of the house you are selling.
    2.1.2 you will receive CHAIN FREE® (confirming the Fall Back Price® for your house)
    2.1.3 your buyer can have a VAL FREE® mortgage offer 
    2.2 Signing the Offer Documents (and agreeing to the Plan T&Cs) does not commit you to take the Fall Back Price® and does not commit you to sell your house.
  3. What the 1% Fee is for
    3.1 To enable the Plan to guarantee finance (Fall Back Price®) for you to take on 3 days notice.
    3.2 To cover the cost of reserving finance for you if you extend your Facility Period from 20 weeks to 40 weeks.
    3.3 To provide you with a chain-avoiding insurance type arrangement (CHAIN FREE®).
  4. IMPORTANT POINT: When you pay the 1% Fee
    4.1 If you take our finance (Fall Back Price®) during your Facility Period (we deduct it from the Fall Back Price®)
    4.2 When we have reserved finance for you which you have not needed because during your Plan Membership:
    4.2.1 you have exchanged contracts to sell your house (your solicitors send it to us);
    4.2.3 you have taken your house off the market for sale (you can pay us in 1 year).
  5. When you do not pay the 1% Fee
    5.1 if you leave your house on the market for sale during your Plan Membership and do not sell it (No Sale – No Fee).
    5.2 in the circumstances described in 6.2.3.
  6. Force majeure  
    6.1 Due to unprecedented levels of economic uncertainty we have, for the foreseeable future, to insert  in our Offer Documents a force majeure clause:
    6.2 Force majeure is an unforeseen event outside our control, that will prevent us from fulfilling our contract obligations.
    6.2.1 Force majeure clause will be triggered if there is an increase in the Price of a selected UK Government Bond (Bond) between the date of our Offer Documents and the date of your solicitors Drawdown Notice (that you want to take the Fall Back Price®).
    6.2.2 If the Price of the bond has increased between these two dates the Fall Back Price® will be reduced to 85% Surveyors Valuation for Option 1 and 80% Surveyors Valuation for Option 2 (you do not have to take the reduced Fall Back Price®).
    6.2.3 If you do not take the reduced Fall Back Price® we will return your £298 Administration Fee and you will not have to pay our 1% Fee.
    6.3 We provide you and your solicitors with a link to a web page where the daily Price for the selected Bond can be seen over the previous 365 days.
  7. Taking the Fall Back Price®
    7.1 The Drawdown Notice cannot be submitted later than 3 days before the end of your Facility Period.
    7.2 The Fall Back Price® will be remited to your solicitors within 3 days.
  8. After taking the Fall Back Price®
    8.1 From the date you take the Fall Back Price® you will have no legal responsiblity to pay any Property Costs relating to your house.
    8.2 Untill your house is sold through the Plan, the Plan will be reaponsible for and will pay:
    8.2.1 Council tax, insurance, utilities, cleaning, garden maintenance, estate agent fees in the circumctances described in 8.1 and 8.2 and if applicable any Aditional Rate of SDLT.
  9. Estate Agent Fees
    9.1 If you take the Fall Back Price® you do not have to pay your Estate Agents a Sale Fee (we have not bought your house), the Plan will re-instruct your Estate Agents to sell your house through the Plan and the Plan will pay them a 1.5% Resale Fee.
    9.2 If you do not take the Fall Back Price® and your Estate Agents sell your house for you during your Plan Membership for more than 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).
  10. Stamp Duty Land Tax (SDLT)
    10.1 If you take the Fall Back Price® and buy another property (Second Property) before your house is sold you may be charged by HM Revenue & Customs an Additional Rate of SDLT (Additional Rate) on the Second Property.
    10.2 Property Costs include paying your solicitors any 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).
    10.3 The Plan will subsequently claim any Additional Rate of SDLT (which will be paid to your solicitors within 3 days from the date Albani Legal Department receive from your solicitors a copy of the SDLT1 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).
  11. Selling your house
    11.1 Your house will only be sold through the Plan if your solicitors submit a valid Drawdown Notice.
    11.2 IMPORTANT POINT: You will receive a percentage of the profit if the Sale Price of your house exceeds Surveyors Valuation in which event you will receive a 80% Profit Share (Sale Price less Surveyors Valuation) with no costs or deductions whatsoever.
    11.3 Your solicitors will receive an undertaking from Albani Legal Department to send your Profit Share to them within 3 days from the date contracts are completed on the sale of your house.
    11.4 If the Sale Price of your house is lower than your Fall Back Price® you have no personal responsibility to refund Albani the difference.