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- Please read the Sellers Conundrum.
- CHAIN FREE® is a 20 week chain-avoiding insurance type arrangement (with an offer of finance) available through the Home Owners Plan™.
- IMPORTANT POINT: 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).
- Our finance (Fall Back Price®) will be available on 5 days notice from the date you join the Plan (20 week Plan Membership).
- 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: Plan T&Cs Clause 3 and 4 for full 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®
- 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®
- 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, offers of finance (Fall Back Price®) and Offer Documents (which include the Plan T&Cs).
The following dates are an example of what can happen if an Application is made today.
- {{chain_free_deadline_to_join_plan}} Today you login to view our offer of Fall Back Price® at 90% DataSource Valuation and Offer Documents.
You receive our Application Confirmation email.
You join the Home Owners Plan™ (the start of your 20 week Plan Membership).
IMPORTANT POINT: Joining the Plan does not legally commit you to sell your house or to drawdown (take) the Fall Back Price®.
With Our Offer of Finance (which you can take on 5 days notice) you can negotiate the best price for the property you want to buy and avoid the risk of being caught in a chain.
- {{chain_free_deadline_to_receive_documents}} You decide a RICS Surveyor will produce a more accurate valuation of your house.
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.
IMPORTANT POINT: You can now say you are a Proceedable Buyer
You have secured your next home (and have time to get a mortgage agreement in principle) and proceed at the speed recommended by your estate agent to sell your old one for your Asking Price.
See: An 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. See: Our Offer of Finance
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 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.
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 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