CHAIN FREE®

How it Works

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    • Please read the Sellers Conundrum
    • CHAIN FREE® (available through the Home Owners Plan™) provides you with a 20 week chain-avoiding insurance type arrangement:  
      • The Plan guarantees you finance (Fall Back Price®) which you can take on 5 days notice (if you can’t wait to sell your house for your Asking Price).
      • The Plan is not a quick sell scheme quick sell schemes only attract desperate sellers in a falling market.
      • The Plan helps you buy while your Estate Agents are selling your house.
      • The Plan enables you to buy against competition always more difficult to buy than sell especially in a rising market.
      • The Plan does not buy houses fast for cash at a knockdown price fast for cash schemes commit you to sell for less than Market Value.
      • See: Benefits 
    • Estate Agents 
      • Discuss with your Estate Agents the pros and cons of joining the Plan and when to make an Application.
      • Find out when your house was “Added on” Rightmove for sale (you can join the Plan at any time providing your house has not been “Added on” Rightmove for more than 10 weeks).
    • Cost of joining the Home Owners Plan™ 
      • 1% Fall Back Price® min. £1,980 (1% Fee). See: Plan T&Cs for details.
      • If you take the Fall Back Price® the 1% Fee is deducted from the Fall Back Price®.
    • 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 + VAL FREE®
      • 20 week Facility Period (extendable to 40 weeks)
    • 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 + VAL FREE®
      • 20 week Facility Period (extendable to 40 weeks)
    • Advantages of joining the Plan 
      • You are not legally committed to take the Fall Back Price® or to sell your house.
      • IMPORTANT POINT: Most home owners will use CHAIN FREE® to quickly secure their next house and will not need to take the Fall Back Price® because their own Estate Agents will have sold their old house for more (you can join the Plan in 1 day to become a Cash Buyer).
      • You can upgrade at any time from DataSource Valuation to RICS Surveyors Valuation on payment of our Administration Fee.
    • You can make an Application or any High Street Estate Agent can do it for you.
    • Our Offer Documents (which include the Plan T&Cs) are on-line, which your solicitors can view and can be signed on-line.
    • IMPORTANT POINT: You will never have to sell your house for less than Market Value. See: Treating Customers Fairly

    The following dates show what can happen if you make an Application.

  • {{chain_free_deadline_to_join_plan}} Today you make an Application (assuming your house has been on the market for sale for 6 weeks, you are not in a hurry and decide to join the Plan in 4 weeks time).

    You receive our DataSource Email with our offer of Fall Back Price® at 90% DataSource Valuation, the date your house was “Added on” Rightmove for sale and a link to our Offer Documents.

    The start of your 20 week Facility Period.

  • {{chain_free_deadline_to_receive_documents}} This date is 4 weeks from today.

    You sign our Offer Documents.

    You have joined the Plan (you do not have to take the Fall Back Price® or have to sell your house).

    Now you can say you are a Cash Buyer up to your Fall Back Price®.You are able to proceed at the speed recommended by your Estate Agents (time to get a mortgage agreement in principle and any additional finance required).

    You decide a property visit will produce a more accurate valuation of your house.

    You pay our Administration Fee to 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 receive our RICS Email (with a link to Revised Offer Documents) with our offer of Fall Back Price® at 90% RICS Surveyors Valuation.

    IMPORTANT POINT: You now decide to secure the house you want to buy with no legal commitment to sell your house or to take the Fall Back Price®. See: An Example

  • {{chain_free_deadline_to_draw_down}}The end of your 20 week Facility Period.

    If during your Facility Period you want to take the Fall Back Price® (because you can’t wait to sell for your Asking Price) your solicitors will access the Drawdown Documents and submit a Drawdown Notice on-line.

    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.

    When you take the 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 will re-instruct your Estate Agents to sell your house and pay them a 1.5% Resale Fee.

    No sooner than 1 week before the end of your 20 week Facility Period you can make an Application for an Additional Facility Period of a further 20 weeks (See: Ethical Finance for details and then Contact us).

    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