Own Home Scheme Pros and Cons

mandy_s_2

Oh no!! That's awful! I really hope it works out ok for you.

Thanks so much for the heads up on the completion statement, I will be looking out for that! Dont you just love how we are paying out all this money and we have to know how to do aspects of their jobs just to cover ourselves?!

I entered the 7 day cooling off period today (went on P4P waiting list 24th Sept)

ladybird3

I used Optima and had to pay before exchange
in fact, the completion statement they sent me also included the invoice for the deposit plus all the solicitors fees
I found the quickest (and cheapest!) way was to do just a straight foward internet bank transfer as Optima provide their account details along with the invoice
Iv found with nationwide things only take 2 days to clear so i just did that then emailed optima to say the money had be transferred
Seemed to be the easiest way

I complete tommorow! wont really believe it until i have the keys in my hand
just for reference i went on the Ownhome waiting list on Feb 14th, had my interview early june then the offer on a property accepted mid june. . . . long time coming!

sideslipmike

well i hope it gives others a btter heads up than what happened with myself, can only wait and see what the outcome will be on friday.

The reason i have to use this CHAP`s payment is because they want this money by friday, with no thanks to thier last minute admin error (cheers Optima)! or else i`d use the internet banking method like Ladybird said as well, i love internet banking think its great way to control your money, but unfortunatly im stuck with the latter option.

well roll on the stressfull waiting now haha.

tek-monkey

Just had a call from ownhome to see if I was still wanting to buy, as its been 2 months since they agreed funding. Yes I want to, just wish the solicitors/lender would let me!

On a plus note for others, this was to ensure my funds would go back into the pot if I no longer needed them, so perhaps they'll let a few more applications through?

sontoon

Well we've started our cooling off period today :j

The end seems to be nearing thank goodness. First Time Buyer we went on the P4P waiting list either the 28th or 29th of Sept so expect your call soon.

How did you get on today Ladybird have you got your keys?

Keep going tek-monkey it'll be worth it in the end.

Hope your exchange still goes through tomorrow sideslipmike

ladybird3

There is light at the end of the tunnel everyone!

Im happy to report i got the keys yesterday and had the carpets fitted today plus a fridge delivered so i am one happy lady!

Its been a long time coming but for those of you who are still in the system it will happen eventually so just hang on in there

happy to answer ne queries that people may have otherwise good luck and keep posting updates!

Incidentally getting the keys was very weird-i literally just had to pick them up-not a single thing to sign! Strange after a seemingley endless few months of signing bits of paper!

mary4kids

Congratulations ladybird:beer:
Well I called bank today to extend my mortgage offer as they told me they were going to extend it for 30 days when I rang them last time. Today it was different story. They said I have to pay £75 for another survey and interest rate will be %6.02 with 5 years fixed which it was %5.2 rate with 10 years fixed originaly. So I said no thanks. I asked exactly when my mortgage offer was running out. They said 22th of october. I called vendors themselves to tell them when my mortgage was running out. She was surprised as she had no clue whatsoever our mortgage was running out and we have to give at least 6 working days notice to p4p. EA knew, their solicitor knew, my solicitor knew. She said they are exchanging today for their new house and completing on friday How is that possible to complete before she can complete with us. She said she will speak to her solicitor to get back to me. So I called my solicitor to ask when is the last day we can exchange. He said on wednesday. So he called vendors solicitor to get a date for exchange. It was next friday earliest. He called me again to tell me and I said I am pulling out if not exchange by wednesday and complete by 22th. So he called their solicitor again to tell them I was going to pull out. My solicitor called me again to say their solicitor doing the paper work Now! to exchange on monday and complete on 21th. If he could do it today why he didnt do it before. I was blaming my solicitor before but now I ralised it was their solicitors fault it lasted so long. What a carry on

hay_mcknight

Congratulations to all who have completed and Good luck to all who have still to wait.

Just an update for people........ My 7 day cooling off period ended today..... final agreement from p4p sent out in the post.....and I asked if it could be emailed to me as well (due to postal strike). Agreement was emailed to me and all I have to do is sign get someone to witness it (friend) and will be in the post tomorrow recorded delivery so that p4p have it Monday morning !!! Sol is still clarifying a few bits and bobs but will be ready to exchange !! However not in any hurry as dont really want to complete until 13th Nov due to work commitments... but hopefully will exchange in the next week or so !!

All is good at the mo !!

I would def recommend people who are waiting on documents from p4p to get them emailed to you due to the postal strike... they've done this no problem for me.

sideslipmike

nice one Ladybird well done on completing:T,

well people lets end the week with more bit of good news, i exchanged today YIPPEE i`m offically a home-owner haha, we complete the same date as Mary4kids the 21st this month.

We`re so glad its over now what a stressful week that was, however like Ladybird stated i`ll be more than happy to answer any questions anyone has and like Hay-mackinght said, thats a great idea try and get papers emailed or faxed due to this postal strike as it almost cost me my home this week!! Also make sure your completation statement is within your contacts so you know the price you have to hand over before exchange!!

Good luck to those coming out of there cooling period or entering it, i shall update how long and it took me from start to finish with dates and details later, for now the wife and i are cracking open the bubbly hehe:D:D:D:D

tek-monkey

Apparently my mortgage offer is on its way!

However, due to the advisors not passing on information, it has a criteria I can't meet
They have asked for an indemnity policy to cover them against the drain issue, but the policy is only applicable if we haven't talked to Severn Trent. We have, so it can't be had. All this is irrelevant though, as ST have issued a letter stating they didn't need an agreement anyway, but nobody told the lender. So now I have to wait a week for the offer, then ask for them to change it. Bah!