CHAIN FREE®

How it Works

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    • The Home Owners Plan™
      • Is not a vuture fund offering to buy your house at a knockdown price.
      • Is not a last-ditch solution if you are a desperate seller (the Plan is an insurance type arrangement to help you buy before selling).
      • Does not buy your house and you never have to sell for less than Market Value.
    • Cost of joining the Plan 
      • 1% Fee (1% Fall Back Price® min. £1,980). See: Plan T&Cs for payment details
      • IMPORTANT POINT: Most home owners will use CHAIN FREE® to quickly secure their next house (recouping our 1% Fee) and will not need to take the Fall Back Price® (because their Estate Agents will have sold their old house for more).
      • £298 Administration Fee.
    • OPTION 1
      • Houses with current market value no more than £500,000
      • Fall Back Price® 90% Surveyors Valuation
      • 20 week Facility Period (extendable to 40 weeks).
    • OPTION 2
        • Houses with current market value over £500,000
        • Fall Back Price® 85% Surveyors Valuation (case-by-case)
        • 20 week Facility Period (extendable to 40 weeks).

    IMPORTANT POINT: Discuss with your Estate Agents the pros and cons of joining the Plan (See: Benefits) and when to make an Application so you don’t lose the house you want to buy (Applications are risk- assessed on how long your house has been on the market for sale: variable, currently a maximum of 10 weeks).

    You can join the Home Owners Plan™ at any time up to 4 weeks from the date of your Application.

    IMPORTANT POINT: If you are in a hurry to get the sellers house off the market before they receive a higher offer allow 1 week to join the Plan (Application > payment of Administration Fee > Surveyors Valuation > signing Offer Documents).

    The following dates show what can happen if you make an Application TODAY (you are not in a hurry and join the Plan in 4 weeks time).

  • {{chain_free_deadline_to_join_plan}} You have paid our Administration Fee.

    Our Valuation Surveyors have contacted you (they generally require 2 days notice) and made an appointment to inspect the house you are selling (the start of your 20 week Facility Period).

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

    You have received our Valuation Email (we requested your solicitors contact details) with a link to a webpage with the Surveyors Valuation, our offer of a Fall Back Price® and our Offer Documents.

    You sign our Offer Documents on-line.

    You have joined the Plan (and 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®) and secure the house you want to buy. See: An Example.

    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).

  • {{chain_free_deadline_to_draw_down}}The end of your 20 week Facility Period (extendable to 40 weeks).

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

    IMPORTANT POINT: If you take our finance (Fall Back Price®) the 1% Fee is deducted from the Fall Back Price®.

    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® (we need 3 days notice) 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), 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.

    IMPORTANT POINT: If the Sale Price exceeds Surveyors Valuation you will receive 80% of the Profit with no deductions.

    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 (Contact us for payment of £59 Additional Administration Fee). See: Ethical Finance for details.

    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