Own Home Scheme Pros and Cons

sontoon

Hi Guys,

Can anyone answer this question for me.

I've had P4P email our final loan docs, as our cooling off period ends today, so as I could get them in the post tonight (just being impatient now lol), just one thing that concerns me is that there is a part that says signed on behalf of the lender (which I assume, without being thick, sorry if I am) is P4P obviously on the electronic copy isn't signed. Therefore do I have to wait for the originals and hope and pray that our all over the place post will deliver them tomorrow.

Thank you

p.s Congrats Ladybird, hows it all going starting to sink in that you finally have a house

tek-monkey

Is it legal to punch a solicitor? The vendors sol still hasn't faxed the letter I need, despite promising everyone and their dog that it is going immediately for the last few days. Today they did however fax asking why we hadn't replied about the indemnity policy. I am seriously starting to think there is a small wormhole located near their fax machine, and that all transmissions are being lost for around 2 weeks.

My funding is withdrawn 3 weeks today, and I need to go through a week cooling off with the co-op yet!

hay_mcknight

sontoon ....I just signed my agreement and obviously got someone to witness it.... Dont really know for sure what PfP then do !! I spoke to them today and they had said they had received my agreement and that it was being looked over by a second person then it would be sent out to the solicitor and then i get a copy !!! He didn't really make sense !! Then at the very end he said... "Dont worry u can exchange at any point now... just speak with your solicitor .... all he has to do is phone us and we'll tell him that you can exchange "

Im convinced they speak a different language to us but I'm sure it'll work out !! ... hopefully

hay_mcknight

sontoon.. not sure if I answered ur question. But my agreement also said signed on behalf of lender and I just left that space blank !!! Im guessing they sign it at some point !!

sontoon

Tek Monkey keep going and don't worry about the funding part bit too much because as soon as they start you on your cooling off period they give you another 3 months on your funding allocation. I believe they are taking about 8 days to look at the mortgage offers at the moment.

Hay McKnight I think your right about them speaking a different language. I have sent the documents 1st class recorded so hopefully royal mail won't go on strike tomorrow, only next week when we'll be expecting our contracts. Other half spoke to the solicitor today and I so hope they know what they are doing as they said to him they wouldn't exchange until funds were in as its a legally binding document and if we exchanged then P4P pulled out we would still be liable, so now i'm even more confused but hopefully we won't be long before we're home owners. Better not be now anyway as we have purchased a cooker hood today and hopefully a cooker tomorrow lol and now starting to try and de clutter for the move.

mary4kids

I just spoke to EA. He is putting sold sign on the house and we are collecting the keys on wednesday:j

stampychan

I have just exchanged contracts! Not that it was easy - my solicitor forgot about buildings insurance (I thought I had to have it by completion, rather than exchange, and had to arrange it at the last minute i.e. this morning), and then we found out that the seller's new property was not vacant posession, so we had a bit of a panic. Were supposed to exchange on Tuesday.

What a massive relief. I think I can finally get some sleep this weekend. That is, if I don't spend too much time looking at online shopping for furniture.

Completing on 29th October, started this whole process around March this year. Had my offer accepted in August. Phew.

zoomy

Well I'm still going round and round in circles!!! Solicitors are saying they won't exchange without a letter from the co-op saying they're happy with my parents giving me some of the deposit and the co-op are saying they don't need to send said letter as they wouldn't have offered the mortgage if they weren't happy

Vendors and EA are going nuts and threatening to pull out - can't really blame them given my offer was accepted back in June!

Mortgage approval runs out on the 6th November so I HAVE to exchange by the end of next week as I think the co-ops new higher rates would tip the balance for me affordability wise!

Starting to feel really worn out and depressed about it all and wonder if its all worth it - I have enough stress in my life without this

tek-monkey

zoomy wrote: »

Starting to feel really worn out and depressed about it all and wonder if its all worth it - I have enough stress in my life without this

Know the feeling
Hope it gets sorted for you, I am also waiting on near mythical pieces of paper being produced to prove things that aren't needed, I just feel so out of control with it all.

mary4kids

zoomy wrote: »

Well I'm still going round and round in circles!!! Solicitors are saying they won't exchange without a letter from the co-op saying they're happy with my parents giving me some of the deposit and the co-op are saying they don't need to send said letter as they wouldn't have offered the mortgage if they weren't happy

Vendors and EA are going nuts and threatening to pull out - can't really blame them given my offer was accepted back in June!

Mortgage approval runs out on the 6th November so I HAVE to exchange by the end of next week as I think the co-ops new higher rates would tip the balance for me affordability wise!

Starting to feel really worn out and depressed about it all and wonder if its all worth it - I have enough stress in my life without this

I know how you feel. Until last week I thought we wouldnt make it to the end. Still I think if it wasnt my solicitor we wouldnt make it. One was saying they would extend the mortgage and others was saying they wouldnt without a survey done and with new interest rates. We just done it one day before our mortgage offer was expired and getting the keys on wednesday. Thanks to our solicitor he worked hard to make it. :T