Own Home Scheme Pros and Cons

millieandbeau

Ok soo, had a nice phone call for a monday morning- our cooling off period starts today.
I have asked for the forms to be emailed out to us because of the postal strike ( thanks for the tip hay_mcknight ) however got so excited i forgot to ask about what happens to the solicitors copy - did you also get these emailed out to them?? My sol. is being a bit of a pain in the behind lately and all i seem to be doing is having convos with his answer machine!
anyway, they haven't arrived in my inbox yet do they get emailed on the day or do they wait until the 7 day cooling of period?

Also how soon after cooling of period did everyone exchange? I need to bug my solicitor some more i think but as i cant get a reply from him at least i may be able to get a time frame gist from you guys!

(For those still wanting time frames on p4p we went on the waiting list on 1st so it took 11 days for us.)

congrats to everyone who has exchange and completed

mary4kids

We didnt exchange today. The people on the chain refuse to sign. I called bank to extend the mortgage just for couple of days and they are sending a request to underwriters. They will charge £75 for another survey and they want our latest wage slips again. On top of it all I have swine flu. Fed up now.

hay_mcknight

mary4kids I feel soo sorry for you !! But hang in there.

It seems after reading all the threads that people are having loads of problems... mine has been quite straight forward..... touch wood !!

millieandbeau... when ur 7 day cooling off period begins Coop will send out (email on request) you the advance documents. You need to read these and answer some of the questions (how ur gonna pay off the loan?? etc) and I think sign one of the documents (cant remember) and also send a cheque to them for the money transfer (all will be explained once you get these documents)

Once your cooling off period has finished they will then send out (email on request) your final agreement. They will send you 2 copies. One for you and one to sign and send back to sol.

It seems complicated but its not..... They emailed me the agreement. So what I did was I printed 3 copies off. I kept 1. Signed the other 2 and also a witness (work colleague) had to sign both as well. I then posted one to pfp recorded delivery and posted the other signed copy to my sol. That way everyone is happy and everyone has a copy !!

As far as exchange is concerned... Im pretty much ready to go !! As long as pfp receive the signed agreement then you can exchange on the go ahead of your sol. I'm still waiting on a few things being clarified in relation to fixtures and fittings and likewise with the vendor in regards to the property they are buying. But all going to plan I'm hoping to exchange in next week or so !!

sideslipmike

Hay Mc kinght,

you can`t exchange unless P4P are happy with all the documentations, its not up to the solicitor as they ask them before they can exchange. I found this out last friday when i exchanged, also you have to pay your solicitors fees 1st (if your with Optima) and any deposit then you can exchange.

This is what happened with myself, hope it clears up any issues?

hay_mcknight

sideslipmike pfp have all my docs now and said i can exchange.. however my sol still has to clarify a few things with vendor.

i didn't go with optima and my sol has dealt with a few of these cases now (got a friend who completed a few weeks ago and used the sol I'm using with this scheme) ... he requires fees b4 completion.. but i will double check just to clarify. thanks for letting me know

hay_mcknight

sideslipmike or anyone else who has exchanged please can you clarify ... Got a note from Pfp which states they only need 6 working days between exchange and completion. However they then mention that a Funds Request Letter either be faxed or emailed before 5pm on the day of exchange !! Is that something we should be doing?? Or is it for the solicitor??

mary4kids

hay mcknight your solicitor have to ring p4p first to have permission to exchange and then the day you exchange your solicitor have to ask for the funds to be released before 5 pm on the day you exchange.

hay_mcknight

thanks for that... Ill make sure he is aware ..

sideslipmike

Hay Mcknight

Your solicitor will request your funds, hence they await P4P permission but glad your almost there. I had the same letter quoting 6 working days from exchange to complete, but then i was told from solicitor it was actually 7/8 working days??? Well i don`t care i exchanged and completion date set so i`m happy! Hope yours go well and everyone else in this position or close to it goes well

mary4kids

Looks like my solicitor did exchange yesterday in the last minute. The people on the further up the chain wouldnt sign without %5 deposit which we dont have. The people on the top of the chain gives that money so we can all exchange. Very complicated. I dont even understand who? how? when? where? There must be 1000's of people on my chain. Anyway looks like we are going to complete 21th after all. My solicitor warned me however if we dont we have to pay %10 value of the house and any interest occured to the people on the chain. He assured me though there shouldnt be any problem.