Own Home Scheme Pros and Cons

hertsman2009

ladybird3 wrote: »

Seems that everyone has had very different experiences with the co-op and their solicitors!

I have to say that from my point of view both the co-op and optima legal have been absolutely great. The only delay was them getting the final paperwork out before the cooling off period began-4 weeks which i understand has been the same for everyone recently, but other than that there have been no hold ups or lost paperwork.
Optima have also been good as far as im concerned, have always been helpful on the phone and i've also set up a good line of communication via email with my particular solicitor who always replies promptly, they have also sent things out on time and everything has been correct etc

Sorry to hear that other people have been having bad experiences and really bad luck for those who have missed the funding boat

Optima should today or tommorow have my deposit cleared into their accounts and will have now got the final final FINAL bits of signed things

Just waiting to exchange. . . . :j

Hi ladybird,

Good news. I'm glad everything's going smoothly for you.

My valuation is complete and the finalistion of my mortgage is now in the Underwriter's hands. I know it can take up to 2 weeks for it to be signed off. But I was just wondering whether you were able to talk to the Underwriter and get updates?

Ama

Presido wrote: »

Ama,

You do not need to be worried on this excellent scheme. Though the funding is officially off, I can tell you with some level of confidence that your funding will be secured as PfP has exigency funds to cover special cases like yours on the OwnHome. So enjoy your weekend.

Just a quick update. I called p4p this afternoon and glad to report that they have allocated funding for me. You were right Presido and thank you! I wouldn't have put in my application ontime and would have missed out if I hadn't read your posts. Keep up the good work :T:T:T:T:T:T

Playboy999

zoomy wrote: »

Optima are not my favourite people either! - when I ring with a query I feel like they can't get me off the phone fast enough. All you get told is they have "queries outstanding" but they get really shirty when you ask "What queries?"!

I have to agree with you 100% there. Everytime i ring Optima they aren't very helpful and make me feel bad for ringing! Unbelievable!

I have started emailing and my queries are answered that way as i will loose my temper on the phone to them!

They have sent all paperwork out to us on time etc so i don't have a problem with them in that respect - just the customer service part!

They should have now received the final signed agreement from P4P - 2nd time lucky as Optima scribbled all over the 1st one and P4P wouldnt accept it - another week delay! We are now waiting for the queries raised with the sellers solicitor to be answered - it's been 3 weeks since they were raised - not sure how long this should take. Getting really fed up now!!

Ama

I haven't had the priviledge of dealing with Optima yet as I am not at that stage. Can someone give me some idea as to how much they charge? Many thanks

Playboy999

Ama wrote: »

I haven't had the priviledge of dealing with Optima yet as I am not at that stage. Can someone give me some idea as to how much they charge? Many thanks

Ours was just short of £1000. They included some searches in with that price but they had been done only a few months prior to that and didn't need to be renewed so should be a bit less. We haven't received 1 phone call from them since they started everything at the beginning of July.

tek-monkey

I think I instructed my solicitor some time around the 5th August, but I went for a local one rather than the one co-op recommended. She has dealt with this scheme before and I've heard good things about her, but she charged me extra for being on this scheme! Apparently there is more paperwork, even so it came in at £865 with all searches.

I've just had the survey back, which has highlighted a few problems, so I'll see how good she is now I suppose. So far she's been pretty responsive though, and the fact I can go in on my lunch break helps.

londonIrish_5

hi guys...has anyone reached the end of their waiting period for their final loan offer yet? i know it is meant to be about 4 weeks but there were a few posts that said its happenning in 3 weeks? does anyone know if this is right?

sideslipmike

Hey PLayboy999, your privilaged to have your emails answered, mine get redirected all around there offices then another email is sent not to email them as it can be inflitrated eeehhhh???

Do you have a good email address for emailing some-one in there that deals with property buying? I have to agree they are always quicker than me to put the phone down after a conservation like its always my fault i had to ring them, but hey ho as long as they keep on top of my paperwork i`m happy just a little more info on what they are exactly doing would be nicer for me that is, seems others have had no major snags.

Also Ama Playboy999 pretty accurate there with there charges, mine are £1050, however you then have to included STAMP duty on top if your property is over the £175000 bracket (1% i believe still)

i have just had my mortgage deeds sent to me today for signatures so i hope this is a good sign and the seller is still happy to proceed even though there is a 4-5 week waiting period until P4P are ready to exchange.

almost there Ladybird hope your near to completing, keep us posted and look forward to the house warming :beer: haha

Presido

Congratulations!:j I'm very pleased for you.

Ama wrote: »

Just a quick update. I called p4p this afternoon and glad to report that they have allocated funding for me. You were right Presido and thank you! I wouldn't have put in my application ontime and would have missed out if I hadn't read your posts. Keep up the good work :T:T:T:T:T:T

Playboy999

sideslipmike wrote: »

Hey PLayboy999, your privilaged to have your emails answered, mine get redirected all around there offices then another email is sent not to email them as it can be inflitrated eeehhhh???

Do you have a good email address for emailing some-one in there that deals with property buying? I have to agree they are always quicker than me to put the phone down after a conservation like its always my fault i had to ring them, but hey ho as long as they keep on top of my paperwork i`m happy just a little more info on what they are exactly doing would be nicer for me that is, seems others have had no major snags.

Also Ama Playboy999 pretty accurate there with there charges, mine are £1050, however you then have to included STAMP duty on top if your property is over the £175000 bracket (1% i believe still)

i have just had my mortgage deeds sent to me today for signatures so i hope this is a good sign and the seller is still happy to proceed even though there is a 4-5 week waiting period until P4P are ready to exchange.

almost there Ladybird hope your near to completing, keep us posted and look forward to the house warming :beer: haha

Hi Sideslipmike - have you used the internet tracking system? I used the email address for the person that was on there! At what stage are you at now?

Does anyone know how long the mortgage offer from Co-op is valid for?