Own Home Scheme Pros and Cons

ladybird3

Tek Monkey did you not recieve any paper work from the surveyors?? that would have had their contact details on?

If not then co-op surveys are provided by Countrywide Surveyors, if you just google them and then look up your local office you can call them-i spoke to them a couple of times after my survey was done and they were helpful and perfectly happy to talk

Must be really frustrating for you though

tek-monkey

Got a number

My surveyor changed his mobile after doing my survey, nice one! However my solicitor has just called me with the new one she found, so I'll call him in a minute. Still don't appreciate the co-ops point blank refusal to help me contact him, it was they who insisted I use him!

sideslipmike

Flaming Nora,

Is it a bad monday or what!! I also had a phonecall today from my EA saying that they had anohter buyer set-up to go, even though my deadline for exchanging contracts ends this friday and my solicitors have just recieved my signed contract today, aaaaaaarrrrrrrr this dam post strike, aaarrrrrrr that dam EA. Gave my EA a bit of an ear-full just before he left his office to go home, hope is day is bad now!:mad:
i flipping well hope tomorrow is a better day for all of us and we get better news!!

That term "so close yet so far" just springs to mind

breadlinebetty

Just like to say CONGRATULATIONS - your first home! How exciting! Ten years from now you'll make a massive profit., Don't let the jealous brigade get you down - they would do just the same as you if they had the means to.

Best of luck love!

helloapril

Hello everyone, just found this forum yesterday and thought maybe you could answer some if my questions.

We are buying a house using the scheme and the plan was to complete before 19th October. Solicitors have done everything and we are ready to go, but we are still waiting to hear from the co op with our mortage offer. How long does it usualy take to get this? and after we have got it is that it?

I will be grateful for any useful reply's

sontoon

HelloApril,

I'm afraid to say that unfortunately you won't be completing by the 19th October. The mortgage offer from the co-op is usually offered up to 2 weeks after the survey has been done, providing there are no issues. This is then sent onto P4P and they currently are working on a 3 week lead time (thats what they told me last week when they had received our mortgage offer) to issue the final documents (although HayMcknight had mentioned he'd had his in two weeks) you then have the 7 day cooling off period, which how I understand it although not quite there ourselves you then exchange with completion 6 days later.

Hopefully this helps

hay_mcknight

Helloapril....... Im guessing that u have had the survey done and everything has came back ok?? Once that has been done.... the coop look over your mortgage offer again which goes to the underwriters to double check...this can take up to a couple of weeks. I recommend you call Coop and find out what stage they are at... Once they have done your mortgage offer then they will send it to you as well as your solicitor and pfp. Pfp are currently dealing with a 10 day back log(thats what it was for me) they then process it and your 7 day cooling off period begins. Once that finishes pfp send you the final agreement which you have to sign and return to them. Once they receive this along with other paperwork.... you will be allowed to exchange... you then need to allow 6 working days between exchange and completion. I would roughly say your not ready to complete for at least another 4 - 6 weeks !!! Very earliest.

Im in my 7 day cooling off period which ends on Friday. I got pfp to email the documents today due to the postal strike. My agreement will be sent in the post on Friday but again I have asked them NICELY to email it to be so that I receive it Friday and that way I can sign it and they will have it early next week.

Hope this helps. I've learned that being nice and apologising for everytime you call actually helps !! But for the time being... I would definetley chase the COOP !!

Good Luck

helloapril

Thanks for the info, thinks i will have to call the vendors and explain. I don't think they are going to be very happy-they are getting married on 31st October and need the money to pay for the wedding!
I'm going to ring the co-op today and chase them up - nicely!- I sent some building quotes for some work they found on the survey (only £1800 worth) on monday.

I am becoming very impatient. We first had an offer excepted on a house in May, but had to pull out of that one due to the work it needed, so we have been trying to move for 5 months now!
Also we need to be out of our rented place by 1st Nov - Does anyone know of any reason why we could not move into our new place and pay rent to the vendors until we complete? (As long as they are willing of course)

mary4kids

Right. I think I sorted. I called p4p to ask if exchange and complete the same day was possible and was told to give at least 6 working days between exchange and completion for them to sort the funding. So I called coop if we could extend our mortgage offer which expires 20th october. Pleased to tell you that we are allowed to extend up to 30 days:j Our solicitor told us the vendors are not ready to exchange yet due to their mortgage expired and have to do survey again on the house they are buying but their vendors are still on holiday. Lets hope they will be back soon.

sideslipmike

Okay what a bomb shell i just had dropped on my lap today from Optima.

I`m due to exchange this friday, however i rang Optima today for an update on the progress and they said all is well, looking good, etc etc HOWEVER..........(uh oh i thought:eek:) they are still awaiting there monies before they exchange?? I thought well you already have the P4P loan and it was there for that reason and then after exchange we settle the legal services fees, stamp duty and possibly the difference in the mortgage and loan amount??

Oh no i`m soooooo wrong apparrently, when they sent out my contract, amongst the 1 inch thick paperwork there should of been a completion statement with the final fees to be paid BEFORE exchange?? I thought solicitors fees where settled after exchange??

Well guess what they never included this VITAL paperwork amongst my 1 inch thick contract, so with having a postal strike delay my contract reaching me by a week and now less than 3 days to get the money transferred to them i`m panicing as the seller might reject me now right at the last stage seeing i have a deadline for this friday:eek:

Then i had another bomb-shell from the bank, its gonna take 3-4 days for the money to transfer into the solicitors (Optima) account and the quickest way is to make a CHAPS payment as it will be done in 24hrs, but wait theres a price it aint free!!! £30 fee for this service (if your with Lloyds) £25 (if your with Abbey)

So a word of caution for those dealing with Optima, be prepared to have all your money ready before you exchange, i dunno why?? or maybe they really hate me and have been watching this thread haha

Beginning to wonder is all this hassle worth it now?? I have had nothing but snags with these people from the start with communication problems, between them apparrently not knowing there was a deadline??? not sending me all the documents!!!, and never keeping me up to date.

I hope this helps people coming up to exchange or nearing there cooling of period.