CHAIN FREE®

Treating Customers Fairly

  • Market Value:
    • When you become a member of the Home Owners Plan™ with CHAIN FREE® you will never have to sell your house for less than Market Value.
    • The Market Value of your house is the highest offer your Estate Agent receives after proper marketing for sale when no higher offers have been received resulting in an exchange of contracts.
  • Application:
    • You or your Estate Agents can make an Application when your house is on the market for sale with Rightmove.
    • Please ensure that all information submitted in your Application is true and accurate in all respects.
    • CHAIN FREE® is only available if your solicitors are not holding a Sale Contract for the property you want to buy.
  • DataSource Valuation:
    • An automated valuation model (AVM) uses a machine-learning algorithm to compare your home against a dataset of other homes to estimate its value.
    • An AVM uses a wide array of publicly-available and user-sourced data, such as property type, size, general location, and comparable property sales with mathematical / statistical modelling to provide an immediate value.
    • Our AVM’s (DataSource Valuations) are provided by Rightmove.
    • When you submit your Application you will receive a free DataSource Valuation of your property for sale.
  • DataSource Valuation vs. RICS Surveyors Valuation:
    • A computer-generated estimate of your house’s value (available at the click of a button) vs. a professional valuation carried out by a chartered surveyor (after viewing your house for sale).
  • Your solicitors:
    • Our DataSource email will include the contact details of our Legal Department which you should forward to your solicitors.
    • It is important that you take advise from your solicitors before signing our Documents.
    • When we send you our DataSource email there will be a link to our Offer Documents (incl. the Plan T&Cs) and a link to our Drawdown Documents (if you want to take our finance).
    • All our Documents can be signed electronically (subject to HM Land Registry conditions).
  • Administration Fee:
    • Only payable if you upgrade from DataSource Valuation to RICS Surveyors Valuation
    • We will return the Administration Fee if your solicitor informs our Legal Department that your house is not freehold and does not have a Land Registry Title Number.
  • Upgrading from DataSource Valuation to RICS Surveyors Valuation:
    • You can upgrade at any time but no later than 15 days before the end of your 20 week Facility Period.
  • When you take our finance (Fall Back Price®):
    • Your house must be empty, vacant and mortgage free.
    • You can pay off any outstanding mortgages with the Fall Back Price®.
    • IMPORTANT POINT: Make sure you have time to find the right mortgage and any additional finance required if you are upsizing (there may be a difference between the Fall Back Price® for the house you are selling and the price of the property you want to buy).
  • Plan Membership Fee (1% Fee):
    • 1% Fall Back Price®, minimum £1,980
    • Deducted from Fall Back Price®.
    • See: Plan T&Cs para 4.
  • You can:
    • Return to your house after taking the Fall Back Price® and retain ownership providing you repay us the Fall Back Price® before your house is sold (you gave us vacant possession). No Charges – No Costs.
    • Rent your house after taking the Fall Back Price® (useful if your next property is not ready) providing your house already complies with the Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020 and has an Energy Performance Cetificate (EPC) rated an E or higher to comply with current legislation.
    • Please Contact Us for details.
  • IMPORTANT POINT:
    • See: Regulation
    • Your solicitors can obtain verification from our Legal Department of our financial credentials by quoting your URN (on the top of all correspondence from us).
  • You can decline permission for us to share information. Please see our Privacy Policy.
  • Although our finance is interest-free we have to show the APR. Please see APR? which explains what this means.
  • We do not recommend or promote any firm of Estate Agents and we do not take fees or commissions.