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CHAIN MENDER®

How it Works

  • {{chain_mender_deadline_to_submit}}
    • WHAT IS IT? CHAIN MENDER® is a chain-mending solution to make you a Fast Seller. See: Application (you cannot submit during coronavirus).
    • We do not buy your house.
    • WHO IS IT FOR? CHAIN MENDER® is for you (your house must have a current Market Value of no more than £500,000) if you want to move quickly because your solicitor is holding a current Sale Contract for the property you want to buy but can’t because you haven’t sold your house.
    • You can drawdown (take) our Provisional Price™ to mend your broken chain by giving us 5 days notice at any time during a 3 week Facility Period.
    • Useful if you want to move into a retirement property as soon as possible (buy before selling).
    • IMPORTANT POINT: We pay any Additional Rate of Stamp Duty Land Tax on the property you are buying.
    • When your house is sold you will personally share in the profit if the Sale Price is more than Valuation. Your Profit Share will be 80% difference between Sale Price and Valuation with no costs or deductions whatsoever.
    • If you take the Provisional Price™ you will not have to pay your Estate Agents a Sale Fee (we do not buy your house). We will instruct them and pay them.
    • CHAIN MENDER® is available in these towns.

    This is what happens if you or your Estate Agent submits an online Application today (you cannot submit during coronavirus):

    • You receive our Application Acceptance Email and a copy of the Application.
    • IMPORTANT POINT: You have 1 week from your Application to decide if you want a Provisional Price™ for your house until it is sold so that you do not lose the property you want to buy (and for a high street Estate Agent to confirm to us that they are acting for you).
      • Provisional Price™ 85% Surveyors Valuation (property inspection).
      • 3 week Facility Period.
      • £299 Administration Fee.
  • {{chain_mender_deadline_to_pay}}  Last date you can pay our Administration Fee (See Payment).
  • {{chain_mender_deadline_for_surveyors_inspection}} Last date for our Surveyors property inspection of the house you want to sell.
    • Your 3 week Facility Period (during which time to can take the Provisional Price™) starts from the date of  Valuation.
  • {{chain_mender_deadline_for_surveyors_valuation}}You receive copy of the Valuation and Offer Documents (guaranteed Provisional Price™+ Profit Share Agreement) which you sign and return.
    • IMPORTANT POINT: You will be a Fast Seller from the date we sign copy of the Offer Documents.
    • You receive the guaranteed Provisional Price™ of 85% Valuation.
  • {{chain_mender_deadline_to_last_draw_down}}Last date you can be a Fast Seller and Last date you can take the Provisional Price™ (if you can’t wait to sell your house at your Asking Price).
          • Your solicitor must confirm they hold a current Sale Contract for the property you want to buy.
          • Only if you take the Provisional Price™ will your house be sold. 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 we can sell your house on your behalf. They will also include an Undertaking from our Legal Department that Your Profit Share will be sent to your solicitors immediately on completion of the sale of your house. When you draw down the Provisional Price™ you must contemporaneously give us vacant possession and pay off any outstanding mortgages (which you can do with the Provisional Price™).
          • CHAIN MENDER® is ethical finance. See: Treating Customers Fairly
          • IMPORTANT POINT: If the Sale Price of your house is more than the Valuation you will receive 80% of the Profit (Sale Price less Valuation) with no costs or deductions whatsoever.
            Our typical rate for CHAIN MENDER® is 18.7% APR
            See: APR?
  • IMPORTANT POINT: On this website and in all Our Documents “days” mean working days and therefore “weeks” are illustrative (i.e. 1 week = 5 working days).
  • {{chain_mender_facility_period_start}} to {{chain_mender_facility_period_end}} = Facility Period of 3 weeks (i.e. 15 working days) from date of Surveyor’s Inspection during which time you can take the Provisional Price™.

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