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- Please read the Sellers Conundrum.
- CHAIN FREE® is a 20 week chain-avoiding insurance arrangement with an Offer of Finance/LTV (Fall Back Price®) available through the Home Owners Plan™.
- You can join the Plan no later than 10 weeks from the date your house was “Added on” Rightmove for sale (you can join the Plan in 1 day).
- Your Fall Back Price® will be available on 5 days notice from the date you join the Plan (20 week Plan Membership).
- Joining the Plan does not legally commit you to sell your house or to drawdown (take) the Fall Back Price®.
- Your agents can continue to advise you.
- IMPORTANT POINT: When you join the Plan you can say that you are a Proceedable Buyer.
- Cost of joining the Home Owners Plan™
- Plan Membership Fee: 1% Fall Back Price® min. £1,980 (1% Fee). See: Home Owners Plan™ Clause 3 and 4 for full details.
- If you take the Fall Back Price® the 1% Fee is deducted from the Fall Back Price®.
- Options 1 and 2 below include VAL FREE®
- OPTION 1
- Houses with current market value no more than £500,000
- Fall Back Price® 90% DataSource Valuation
or
after a property visit 90% RICS Surveyors Valuation
- OPTION 2
- Houses with current market value over £500,000
- Fall Back Price® 85% DataSource Valuation
or
after a property visit 85% RICS Surveyors Valuation
- See: Treating Customers Fairly
When you (or Your Estate Agents) have submitted an Application you will be asked to login so you, your solicitor and advisers can view our Valuations, Offer of Finance/LTV (Fall Back Price®) and Offer Documents (which include the Plan T&Cs).
IMPORTANT POINT: See: Benefits
The following dates are an example of what can happen if an Application is made today.
- {{chain_free_deadline_to_join_plan}} Today you receive our Application Confirmation email.
You login to view our offer of Fall Back Price® at 90% DataSource Valuation and Offer Documents.
You join the Home Owners Plan™ (the start of your 20 week Plan Membership).
- {{chain_free_deadline_to_receive_documents}} You decide a RICS Surveyor will produce a more accurate valuation of the house you are selling.
You pay our Administration Fee and upgrade from DataSource Valuation to RICS Surveyors Valuation.
Our RICS Valuation Surveyors contact you to inspect your house which they can generally do within 3 days.
You login to see our revised offer of Fall Back Price® at 90% RICS Surveyors Valuation and Revised Offer Documents.
See: Example
- {{chain_free_deadline_to_draw_down}}The end of your 20 week Plan Membership.
Only if you take our finance (Fall Back Price®) will your house be sold.
If during your Plan Membership you want to take the Fall Back Price® (because you can’t wait to sell for your asking price) your solicitors will have accessed the Drawdown Documents and submitted a Drawdown Notice online.
IMPORTANT POINT: You are not legally committed to sell your home (we do not buy your house) or to take our finance (Fall Back Price®) until your solicitors send a Drawdown Notice to our Legal Department.
Because we do not buy your house the Drawdown Documents include a Sale Contract (our Legal Department will add the buyers name) and Transfer for you to sign so your house can be sold through the Plan and we can recoup our finance.
If you take our Fall Back Price® you must contemporaneously give us vacant possession and pay off any outstanding mortgages (which you can do with the Fall Back Price®).
If you take the Fall Back Price® you will not have to pay your estate agents a Sale Fee (we have not bought your house).
We re-instruct Your Estate Agents to sell your house.
Our typical rate for CHAIN FREE® is 12.1% APR
ANY LOAN WILL BE SECURED BY A CHARGE OVER THE PROPERTY YOU ARE SELLING. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT