Own Home Scheme Pros and Cons

tek-monkey

They emailed pfp while I was on the phone, its then for pfp to get around to processing it. Mine took about 2 days.

Playboy999

ladybird3 wrote: »

Yeh I never managed to get any info out of them about funding, the only thing they told me was back in Feb wen I first went on the waiting list and I enquired about what the likelyhood of getting funding was, they said that they wouldnt be accepting people onto the waiting list unless there was enough money in the pot as it were

I got my FINAL paperwork through on friday and it went in the first post on saturday (I think this has been the only thing in my entire life that has warrented getting out of bed before 12 on a sat!!!).
Have the deposit money sitting in my account so will give the solicitors a call on monday as would love to be able to exchange by the end of the coming week
We shall see!
Playboy999 it looks like we're at exactly the same stage-fingers crossed!:beer:

Hi Ladybird. Our Solicitor is still waiting for the sellers solicitor to answer some enquiries so not quite there yet lol. The contracts have got to be drawn up and sent to us for signing - i hope its not too much longer

stampychan

londonIrish wrote: »

Your funding should be secure at this stage...and you should have received a letter to confirm this. With me, as soon as I had offer acceptedI called the co-op to arrange mortgage. At the end of this call they said funds were now secure. A couple of days later I received a letter from P4P confirming the funds were secure for 3 months. I was told NOT to pay for a survey until I had this letter of confirmation. Make sure you get this letter before you fork out £500 for the survey!!

Thankyou! I have been told by Co-op that funds are secure, but had no letter from OwnHome, despite it being a month since I was told the funds were secure. Aaargh! Have called OwnHome and they have no record of any email from Co-op, so I'm going to put in a call to Co-op today.

Thanks for the advice, I think I have been a bit confused about what stage I am at. Luckily, the guy from OwnHome I spoke to this morning said that there is still some funding left in London and that it's 'extremely unlikely' they'll run out before I manage to get this sorted.

tek-monkey

stampychan wrote: »

Thankyou! I have been told by Co-op that funds are secure, but had no letter from OwnHome, despite it being a month since I was told the funds were secure. Aaargh! Have called OwnHome and they have no record of any email from Co-op, so I'm going to put in a call to Co-op today.

I had the same, Places For People said they hadn't received my email and funding was gone! Luckily the guy at the co-op sorted it all out for me, as he could prove it had been sent. Bit of a close call!

ladybird3

Well i'm waiting again. . . . .

Spoke to Optima this morning as I they have now recieved the final credit agreement from me, everything else has been signed including contracts etc etc etc, from my point of view they said they have receievd everything they need to
However!
They said they're still waiting to hear from the vendors solicitors about a couple of queries (I dont know what and almost dont want to know in case I get worried) and despite chasing they still havent heard. So they said until those queries have been answered they cant take the deposit from me or arrange an exchange date
SO ANNOYING! they said I should ring the EA so they could chase up the vendor aswell
Anyone have any other ideas of what I can do? I do have the vendors solicitors details but dont think it would be wise to contact them directly, thought I could exchange by end of this week in order to complete by the 11th sept but now i'm not so sure.

I'm still not convinced this whole thing is even going to happen

Presido

If and only if funding is still left then as soon as it is received you will be allocated. It could be a matter of hours and not days.

However, in my personal opinion I am not 100% positive this process of allocated funding will be maintained for 100% of applicants in London area. The reason being that in regions where funding were exhausted they were able to draw funds from areas with funds but in London there are no other areas they could draw funds once funding is fully allocated. Hopefully this personal opinion of mine stated should not be the case.

ozzyozzy wrote: »

Hi Guys,

Once you have found a property and the Vendor accepts your offer and then you apply to Co-Op for a mortgage. If accepted I assume they, Co-Op, contact PFP to tell them you have a mortgage offer ? I then assume PFP send out a letter to the Apllicant offering 'secure funding' ?

My question is, how long - in terms of days -between the Co-Op offering you a mortgage and PFP securing your actual funding ?

This is an important question as I am in the London area and funding is looking low or finishing, therefore these timescales become crucial.....help as to an answer for the above would be appreciated.

Thanks - Ozzy

Playboy999

ladybird3 wrote: »

Well i'm waiting again. . . . .

Spoke to Optima this morning as I they have now recieved the final credit agreement from me, everything else has been signed including contracts etc etc etc, from my point of view they said they have receievd everything they need to
However!
They said they're still waiting to hear from the vendors solicitors about a couple of queries (I dont know what and almost dont want to know in case I get worried) and despite chasing they still havent heard. So they said until those queries have been answered they cant take the deposit from me or arrange an exchange date
SO ANNOYING! they said I should ring the EA so they could chase up the vendor aswell
Anyone have any other ideas of what I can do? I do have the vendors solicitors details but dont think it would be wise to contact them directly, thought I could exchange by end of this week in order to complete by the 11th sept but now i'm not so sure.

I'm still not convinced this whole thing is even going to happen

I know how you feel - we have been waiting for the sellers solicitor to answer some queries from 6th August! It does my head in how slow they are! They don't seem to keep the website updated either as they have got lots of things such as mortgage offer, valuation etc but they aren't ticked off!

mary4kids

With us the house was ready on the interview and our application was accepted by coop. The case worker was on holiday, So after 4 weeks of waiting for the survey to be done I decided to call coop and arrange the survey before our application was processed. It was done the same week I payed for it. Waited another 2 weeks and called our case worker who always was on phone or on break every time I call. I demanded I will keep calling until I spoke to him. I finally managed to speak to him and he told me sending our offer straight away. Received it in 2 days and I called p4p to tell them. They said they received the offer and our fund was secured for 3 months. Last monday received p4p offer and our 7 days cooling off period ended today. Our solicitor told us they are working saturdays too to sort the back log and they reduced the 10 days completion day to 6 days because of so many complains. So we are waiting to exchange hopefully this week:T and complete next week.:beer:

ladybird3

Update!

So having told my solicitors all along that i wanted to complete by the 11th sept, and them having relayed this to the vendors solicitors, i get a call from the EA at lunch to say that the vendor hasnt yet handed in notice on his job and therefore wont be able to move for at least a month AT LEAST

I am so peeved by this as I dont understand why he couldnt have let us know from the day dot what his timescales were. I have already had to hand in notice on my flat due to my flatmates having to move anyway, thats not so much of a problem in that I have somewhere to stay but means I will have to find extra money for storage etc etc.

Has anyone had experience on how much force can be put onto a vendor to complete on a particular day? I find this whoe situation very frustrating especially given that the vendor had told the estate agent he wasnt even living in the flat so just wanted rid of it asap-suddenley now he's living in it fulltime and working in london!

mary4kids

sorry to hear that ladybird. I know our vendors going abroad from 1st of september for 2 months which I dont really believe but our solicitor says they can move before they go if they want to sell as it is impossible to complete before then. Speak to your solicitor and see if he can push. Good luck.