Own Home Scheme Pros and Cons

smonib

Hello everyone, thanks for posts they are very useful.

Congrats Ladybird! you are almost there!:j

We went on the waiting list for p4p on the 28th Aug. Does anyone know how long they are taking now?

I was told 4 weeks but they are trying to speed things up. Hopefully not too long now as our vendor has changed tone from polite enquires to subtle threats.

Good luck to everyone got my fingers crossed for you all.

sideslipmike

Hey smonib

looks like we`re running together, we completed our final mortgage approval and P4P had are approved offer as from the 28th August too, they said to me that it would take about 5 weeks, and that they were dealing with Julys applicants still, and they told me this on the 28th, thats all i`ve heard since??

Sorry Mary4kids didn`t mean for that to come across akward, its just your process seemed slightly different from what was explained to myself by Optima Legal team, however like ladybird says, different solicitors work in different ways, i hope its all goes well for ya.

I too happened to have a shortfall of 5% and Co-Op did ask if i had the available funds in place for this? so maybe i might recieve a letter asking for the 5% deposit dunno?? but nothing has come about asking for any monies as of such, im still waiting to find out when we can exchange and its all down to how fast the workers in P4P offices can process there applicants on there 1st come basis. Lets pray they`re getting paid well and are happy:rotfl:and they manage to speed it up.

Well done to those already exchanged and a thank you for your patience and feedback

smonib

Hi Sideslipmike,

I am hoping to hear back form P4P by 18th of September (Final mortgage offer submitted on 28/08/2009 to P4P). I believe P4P are working harder by doing overtime and putting more resources to look after the cases. Seacow’s final mortgage offer was sent to P4P on 14th August and yesterday the cooling off period started for Seacow which means it was just about 3 weeks.

Regarding the shortfall money, on my final mortgage offer, co-op asked my solicitor to provide the proof that I have the £x before the completion can take place. This should not be an issue as I have to transfer the money to my solicitor before the exchange.

It would be nice to hear from people who, their cooling off period just started to see when P4p received their final mortgage offer.

Good Luck to everyone.

ladybird3

Sideslipmike depending on how much the 5% is you may have to provide a paper trail to your solicitor as to where this money came from.

I think I’m right in saying that for amounts over £10k solicitors have to cover themselves legally (fraud and money laundering legislation) by checking where your deposit has come from.
In my case the deposit amount (i.e my shortfall) was well over £10k, and as it was being provided by my family I had to first send in proof of where the money had come from, and then once the amount had cleared into my account I had to send the solicitors a bank statement proving that the money had cleared. I also had to provide a letter from my family to the solicitors and the bank stating that the deposit was a gifted amount, that it was non repayable, and that my family had no legal interest in the property now or in the future.
Although it would have been easier to pay the deposit straight from my family to the solicitors it had to go through my account because I had already had my ID checked (waaaayyy back when you first start the process!) and if it was going to come from another account the owner of that one would have had to also had their ID checked. Far too long and drawn out! Optima were really good with all this stuff though in that rather than having everything posted they were happy to have faxes so nothing was delayed by the post.

Might be worth mentioning this one thing for those who are just doing their mortgage apps. If you are intending to put up any kind of deposit and this amount will be coming from someone other than you, make sure that when the co-op ask if it is a repayable deposit you say NO even if you ARE intending to pay it back. The reason for this is, that if you say you’re intending to repay it at some stage, the co-op will take this into consideration when calculating what mortgage you can afford and as a result you may find they then cut the amount they’ll lend you.
If you tell them that it’s a gift then all that needs to happen is that whoever is putting up the deposit writes a letter to co-op similar to the above and then you can work out your repayments with your relative (for example) at a later date.
Then everyone lives happily ever after!

Mary4kids I hope it all goes well for you-guess it’s tricky if there’s a chain involved as well

Playboy999

We should be receiving the contracts to sign before the end of the week! We should then know when we are able to exchange! It is taking soooo long! Hopefully things will start moving fast now.

zoomy

Well, tomorrow is the end of my 7 day cooling off period and given that I want to move at the end of September I was hoping to get things moving! I've been speaking to Optima twice a week for the last 2 weeks for progress updates and being told they were just waiting for the Ownhome stuff and a response from the Landlord (I'm buying a leasehold flat) BUT having finally managed to speak to my actual solicitor (as opposed to one of his mignons) it turns out they haven't done the searches yet :eek: :mad: :mad: :mad:

If I could start over again I would certainly pick a different solicitor! It would appear that they have taken the 4 week wait with P4P as an excuse to shelve my case file for 4 weeks!!

ladybird3

whos your solicitor?! thats mental!

Playboy999

zoomy wrote: »

Well, tomorrow is the end of my 7 day cooling off period and given that I want to move at the end of September I was hoping to get things moving! I've been speaking to Optima twice a week for the last 2 weeks for progress updates and being told they were just waiting for the Ownhome stuff and a response from the Landlord (I'm buying a leasehold flat) BUT having finally managed to speak to my actual solicitor (as opposed to one of his mignons) it turns out they haven't done the searches yet :eek: :mad: :mad: :mad:

If I could start over again I would certainly pick a different solicitor! It would appear that they have taken the 4 week wait with P4P as an excuse to shelve my case file for 4 weeks!!

I don't know what it is with Optima. They kept lying to me about waiting for enquiries from the sellers solicitor saying they haven't received them yet. Its a good job i am personal friends with the seller as she told me they had been sent 3 weeks ago and her solicitor forwarded them to Optima. I emailed Optima only on Friday asking if they had received the enquiries in which they replied - No we will keep chasing! Funny that because i emailed a different person at Optima who said they came in last week. Its just lies, more waiting, more lies etc etc. I feel i have to push everyday for them to do their job yet they make you feel as though your in the wrong.

Its a good job i don't have face to face contact with these people!

mandy_s_2

The surveyor has now been instructed by the coop , can anyone tell me what happens next? Do I wait for the homebuyers report and the final mortgage offer and then enter the 4 week P4P wait? I so wouldn't have a clue without this thread!

nig0609

mandy_s wrote: »

The surveyor has now been instructed by the coop , can anyone tell me what happens next? Do I wait for the homebuyers report and the final mortgage offer and then enter the 4 week P4P wait? I so wouldn't have a clue without this thread!

Countrywide will call you to take payment for the survey (mine was £525), they will do the survey send a copy to co-op, 2 copies to you.

Co-op should then assess and make an offer to you, and advise P4P by email that they have made the offer

Once P4P have this email you will be on 4 week wait

BUT KEEP CHASING CO-OP AND P4P (after co-op say they sent email to p4p) EVERY DAY, until you are on the 4 week wait