Own Home Scheme Pros and Cons

stresshead70

Wow parisjordana, you exchanged and completed in as little as 24 hours, I didn't think that was possible, :T congrats and good luck in your new home

ladybird3

well done parisjordana that's great news! there's hope for us all yet! :j

Janec2

Good luck in your new home - great news !

Rocky33_2

Hello! Have been looking at this forum for some time now as it is the only place to get some information about how this scheme works in terms of the nitty- gritty.

We had our eligibility interview yesterday, were told to call the bank and get started on our house hunt ASAP to ensure the funding doesn't run out. I asked if it was likely to run out and the lady (at PfP) said not to chance it. I'm just a bit concerned as to how they can send all these people house hunting with this massive insecurity that there may not be any money left for you at the end!

My question is, has anyone actually got to the point where they've found their dream property only to be told that they can't buy it because there's no money left in the pot????

My other question is, what happens if your purchase falls through, and the circumstances were totally out of your control? Do you run the risk of losing out completely?

Comments and experiences would be much appreciated :-)

Cheers!!!

Steven.Morris7

Hi!

Update: P4P called me (while on holiday in the lakes! with minimal phone recieption!) to let me know that the 7 day cooling off period has began!

Yahoo! Now my phone is off and i'm off to relax by the lake!

For all those waiting it was 1 day under 4 weeks dead on.

Good Luck Guys, will catch up on this thread on Monday! :-)

ladybird3

yay! good stuff Steven-turned out you're still exactly a week behind me then!
I'm just waiting for my deposit funds to clear into my account now before transferring them to the solicitor and then can exchange-hopefully will be next week

Enjoy your break!

rngeena

hi,
I just have a general question for those who have completed and paid thier solicitor's fees. We are suppose to pay 3900 includeing 2200 stamp duty, which leaves 1700( this includes everything ) as solicitor bit. For me it seems a bit higher than we were quoted for. Can anyone tell me how much they have paid for the solicitor?
Thanks

Kiggz66685

Hi rngeena,

That does sound a little high. We are due to complete on the 25th and have just received our solicitors bill. Its £3196.25 including £2000 stamp duty.

It breaks down as £200 land registry fee, £776.25 legal fees, £220 search fees. Total £1196.25.

Ours is also a little higher than we were quoted (surprise surprise!) but we did query this with our solicitor and he explained that apparently the land registry fees have gone up and they had to carry out more searches than they had initially anticipated but all in all its not too much of a shock as its only about £150 more than we were expecting.

We were quoted fees for a straightforward purchase and warned that costs would increase if the purchase was more complicated and so using the OH scheme we did think the costs would come out quite a bit higher than our initial estimate but they don't actually seem to have done.

Our solicitors have been very helpful and reassuring throughout so we are quite happy with the final fee.

Ask your solicitor to explain it to you, they have to be able to justify their costs.

Hope this helps x

rngeena

thanks alot for the information. Seems like i need to check it with my solicitor as why this is gone up so much. The initial quote in my case was around 3300 but this seems a way to high. Thanks

Kiggz66685 wrote: »

Hi rngeena,

That does sound a little high. We are due to complete on the 25th and have just received our solicitors bill. Its £3196.25 including £2000 stamp duty.

It breaks down as £200 land registry fee, £776.25 legal fees, £220 search fees. Total £1196.25.

Ours is also a little higher than we were quoted (surprise surprise!) but we did query this with our solicitor and he explained that apparently the land registry fees have gone up and they had to carry out more searches than they had initially anticipated but all in all its not too much of a shock as its only about £150 more than we were expecting.

We were quoted fees for a straightforward purchase and warned that costs would increase if the purchase was more complicated and so using the OH scheme we did think the costs would come out quite a bit higher than our initial estimate but they don't actually seem to have done.

Our solicitors have been very helpful and reassuring throughout so we are quite happy with the final fee.

Ask your solicitor to explain it to you, they have to be able to justify their costs.

Hope this helps x

Playboy999

ladybird3 wrote: »

yay! good stuff Steven-turned out you're still exactly a week behind me then!
I'm just waiting for my deposit funds to clear into my account now before transferring them to the solicitor and then can exchange-hopefully will be next week

Enjoy your break!

Ladybird - we seem to be a day behind you. Our 7 day cooling off period is up today. I assume our Solicitor will send the final loan agreement out - am i right?

We are still waiting for the enquiries raised by our solicitor to the sellers to be answered. Its going so slow.