Own Home Scheme Pros and Cons

rngeena

hi,
so sorry that this has happend to you. I would actually go and talk to the vendor directly, that is what I did when I was exactly in the same situation as yours. I asked the EA that i wanted to see the property once more then arranged for a meeting and got the vendor's telephone number. Our vendor is a very nice man and he agreed to move out when i give my reasons. So i would treaten to pull out actually,if he is not agreeing.
Having a direct contact with vendor actually proved to be very benefial for us and put our mind so much in peace.

ladybird3 wrote: »

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!

ladybird3

Thanks for the advice guys! I guess stuff like this must happen a lot so will give the solicitor a call,
I just dont see why people cant be honest from the beginning, I had to let my solicitors know right from instructing them what time restraints I had and originally the vendor had told the EA the flat was only used as a second home type thing as the family mainly lived in the midlands-certainly looked that way when I went to look around it as it was almost bare of any personal belongings and furniture.
Bah!

Ama

Hi everyone, does anyone know whether stamp duty is payable if you buy a property through the ownhome scheme? I thought I read from somewhere that exemptions apply if you buy through the scheme. Can anyone clarify this please? Many thanks

mandy_s_2

Ama wrote: »

Hi everyone, does anyone know whether stamp duty is payable if you buy a property through the ownhome scheme? I thought I read from somewhere that exemptions apply if you buy through the scheme. Can anyone clarify this please? Many thanks

I think the threshold is £175k whether going through the ownhome scheme or not

ladybird3

yeh it's the same-£175k

however what you might find is that sometimes developers offer to pay the stamp duty as an incentive to buy-perhaps that's what you saw?

Ama

Thanks for your replies Mandy_X and Ladybird3.

I have another question. I've only got about 4.5K in savings to to facilitate buying a property through the ownhome scheme. I've seen a property that I am interested in but the vender wants 265k which means I am looking at stamp duty of around 8.5K. I was wondering whether the co-op allows people to add the cost to their mortgage.

As usual clarification on this would be much appreciated.
Many thanks

Presido

It is not the norm for such type of payment to be lumped with mortgage. My advice is for you to get such through family, friends or any other legal sources.

Ama wrote: »

Thanks for your replies Mandy_X and Ladybird3.

I have another question. I've only got about 4.5K in savings to to facilitate buying a property through the ownhome scheme. I've seen a property that I am interested in but the vender wants 265k which means I am looking at stamp duty of around 8.5K. I was wondering whether the co-op allows people to add the cost to their mortgage.

As usual clarification on this would be much appreciated.
Many thanks

stampychan

tek-monkey wrote: »

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!

Well, I spoke to p4p again yesterday, who confirmed they hadn't received any emails. Then I spoke to Co-op who said they'd actually sent 2. They were really friendly and said they'd send yet another one, cc:ing in the first two people who had sent emails. Pretty sure I've got all of my bases covered on it now

When I spoke to p4p the guy was really casual about everything, and said there's still lots of funding left in London so not to worry. Not sure how much of a comfort this will be for people who are still trying to get offers accepted, but thought I should mention it.

vikx_2

Ownhome are currently processing applications from the 30th July, ours was recieved 4th Aug so we are told they may do ours by the end of the week! Fingers crossed...... but wont hold my breath!

zoomy

vikx wrote: »

Ownhome are currently processing applications from the 30th July, ours was recieved 4th Aug so we are told they may do ours by the end of the week! Fingers crossed...... but wont hold my breath!

Fingers crossed for you! You're about a week ahead of me