Own Home Scheme Pros and Cons

Ama

tek-monkey wrote: »

Does it depend on the cost of the house? My solicitor quoted me £865 all in, and that was including an extra £50 to deal with ownhome. My property is £132k, and my solicitors standard fee (before searches etc.) is £499.

Thanks. I don't know whether it depends on the price of the property. Mine is £245K. I have had 2 quotes for the standard fee; £595plus VAT, and £695plus VAT plus £150plus VAT for dealing with p4p. I will contact optima to find out how much they'll charge.

Steven.Morris7

Ama wrote: »

Thanks. I don't know whether it depends on the price of the property. Mine is £245K. I have had 2 quotes for the standard fee; £595plus VAT, and £695plus VAT plus £150plus VAT for dealing with p4p. I will contact optima to find out how much they'll charge.

My solicitor didn't charge me anything for dealing with P4P.

It was Basically. £950 all in for a £185,500 house

Ama

Steven.Morris7 wrote: »

My solicitor didn't charge me anything for dealing with P4P.

It was Basically. £950 all in for a £185,500 house

The quotes I've got sound a little excessive in comparison with what I've read in this forum. I have called optima to enquire about how much they'll charge and they said they will get back to me.

Steven.Morris7

:oI have finally completed. The keys are awaiting my pick up from the EA...

The feeling of "Thank F*** its all over" is a great one. Good Luck to all those still going through!

Yahhhhoooooooooo:beer:

nig0609

Steven.Morris7 wrote: »

:oI have finally completed. The keys are awaiting my pick up from the EA...

The feeling of "Thank F*** its all over" is a great one. Good Luck to all those still going through!

Yahhhhoooooooooo:beer:

Excellent! Well done! Hope you enjoy your new home.

cant wait to complete Friday, the days are draaagggiing

tek-monkey

Congratulations

tek-monkey

Just talked to my solicitor, and the vendors solictior is not too helpful! Mine said that the survey showed drainage problems and needed inspection, and asked for further information regarding a buildover agreement etc. Their's replied with 'See previous communication', which was just to say they don't know. Great! So now I have to spend out on a drain survey, which could in turn highlight further issues. Still, better to learn an expensive lesson now that later.

nig0609

tek-monkey wrote: »

Just talked to my solicitor, and the vendors solictior is not too helpful! Mine said that the survey showed drainage problems and needed inspection, and asked for further information regarding a buildover agreement etc. Their's replied with 'See previous communication', which was just to say they don't know. Great! So now I have to spend out on a drain survey, which could in turn highlight further issues. Still, better to learn an expensive lesson now that later.

Very frustrating! Hopefully nothing too serious turns up, else I guess you may haveto cut your losses... but then you lose out on the scheme.

tek-monkey

Yup, thats my problem. I can't buy without the scheme, I want the house, but I'm not going to buy somewhere thats not right. I just called a company that said they charge £50 + vat per hour, and it will take a maximum of 3 hours to do. So thats pretty much another £200 I'll need to spend, but at least then I'll know. Whats really annoying is that I'll have spent over a grand finding all this out that I could have put towards a deposit!

Anyone know if solicitors charge full price if you pull out of a sale, or just part of it?

nig0609

£200 is not significant compared to the house value, if anything comes up i think they will still give the mortgage subject to you signing that you will rectify the issue within 6 months.
You may be able to re-negotiate your purchase price to compensate, but i dont know what implications there would be with the ownhome element - theoretically p4p will be paying less for the same %age and you would have the bill for setting things right, so hopefully no implications

Solicitors would definately charge for the searches and work that they have done, but whether they will charge the full amount will probably depend on how fair they are, and the circumstances cause you pull out.