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Own Home Scheme Pros and Cons

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  • Another quick question for those who have exchanged already - what did you do about the 10% deposit on exchange of contracts. My solicitor has just told me that I need a 10% deposit on exchange, which I don't have. What has everyone else done? As far as I can gather, there are a few options:

    - give a nominal deposit (I could probably afford 1k, max)
    - get ownhome or co-op to release some of the money early (is this possible?!)
    - quickly find and marry someone extremely rich

    Thoughts?
  • p4p/ownhome wont release any funds early for a deposit-but that's the whole point of the scheme-you dont need a deposit!!

    your solicitor should have been aware of this right from day1 as even we you apply for the mortgage you say if you're putting up a deposit plus the info that would have come from p4p to give to the solicitor on what happens would have said that no deposit would be made available
    I'm sure if you explain to them again about the scheme they would understand that you cant give a deposit?
  • i had alredy told my solicitor about this, but she asked me to put my stamp duty 2200 as deposite which i did since i had to pay that anyway after a week.you should tell your solicitor that you can only put 1000 as deposite and this should be conveyed to sellers solicitor.
    stampychan wrote: »
    Another quick question for those who have exchanged already - what did you do about the 10% deposit on exchange of contracts. My solicitor has just told me that I need a 10% deposit on exchange, which I don't have. What has everyone else done? As far as I can gather, there are a few options:

    - give a nominal deposit (I could probably afford 1k, max)
    - get ownhome or co-op to release some of the money early (is this possible?!)
    - quickly find and marry someone extremely rich

    Thoughts?
  • i`ve left all that in the hands of Optima, they told me just recently once they have the deposit (i`m guessing thats from P4P) they`re ready to exchange?

    I`ve just had my draft contract today with all the local searches, drainage searches, stamp duty etc etc to sign for and return then its close to waiting for exchanging time i hope. But nothing has come about asking for me to put forward a deposit???

    When do you settle your solicitors fees/stamp duty fee?? is that on completion??
  • Optima never asked us for a deposit and we exchanged last week. They use the balance we paid them for their fees as some sort of deposit. The solicitors fees are paid before completion. We didnt have to pay stamp duty so don't know about that. Ladybird is right - your solicitor should have been aware that no deposit is paid at exchange.

    We get the keys this friday - cant wait.
  • Congrats playboy999,

    bet your glad its almost over, enjoy a good house warming next friday/saturday night:beer:
  • mary4kids
    mary4kids Posts: 87 Forumite
    We supposed to be completing next friday but didnt even exchange yet. EA says we can exchange and complete same day. So I asked coop if that was possible and they said it is. Our mortgage offer running out 20th of october. So dont know whats happening yet. Coop will call me next week to activate the house insurance.
  • nig0609
    nig0609 Posts: 103 Forumite
    Part of the Furniture Combo Breaker
    mary4kids wrote: »
    We supposed to be completing next friday but didnt even exchange yet. EA says we can exchange and complete same day. So I asked coop if that was possible and they said it is. Our mortgage offer running out 20th of october. So dont know whats happening yet. Coop will call me next week to activate the house insurance.

    Be aware, it is P4P who will not allow you to exchange and complete on the same day.

    Up to a few weeks ago P4P required AT LEAST 6 (was 10 before) working days between exchange and completion - I assume it will still be similar? Be sure to check this with both P4P and you solicitor to avoid disappointment and potentially other issues.
  • ladybird3 wrote: »
    p4p/ownhome wont release any funds early for a deposit-but that's the whole point of the scheme-you dont need a deposit!!

    your solicitor should have been aware of this right from day1 as even we you apply for the mortgage you say if you're putting up a deposit plus the info that would have come from p4p to give to the solicitor on what happens would have said that no deposit would be made available
    I'm sure if you explain to them again about the scheme they would understand that you cant give a deposit?

    Thanks for the advice. I think, in all honesty, it's just that my solicitor hasn't really taken on board the OwnHome thing. I have to keep re-explaining things very patiently to her. It doesn't help that postal strikes mean she still hasn't received the OwnHome info, and I haven't received it either (should have got in on Monday! Grr!)

    Thanks to everyone for clarifying the deposit thing.
  • We have completed today!!! Were going to collect the keys from the Estate Agent. How exciting!!!!!

    Thank goodness this is all over..................!!!!! Good Luck to everyone else.:j:j:j:j:j:j
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