Own Home Scheme Pros and Cons

hay_mcknight

Congrats to everyone who exchanged today !! All the best and let the decorating begin !! My sol said i should be able to exchange next week so I'm quite happy !! and complete the 13th November as I requested ... very exciting !!

mary4kids

helloapril wrote: »

I feel a bit better now after reading these reply's. I shouldn't complain really as our offer was only accepted 6 weeks ago. We are just becoming impatient as our first purchase fell through (had offer accepted on that one end of May) so have been waiting 5 months to move!
I know the vendors are pushing the sale as they too had an offer fall through and are desperate to sell the house - some might say it would be a good opportunity to lower the price, but in all honesty I couldn't be bothered with the extra hassle!

Congratulations to all who now have their new homes - we should hopefully have our in a week or two!

Oh - quick question - After the 7 day cooling of period, when can you exchange?

You can exchange as soon as your solicitor does the paperwork like mortgage deed and searches. It took our solicitor 2 weeks to do the paperwork and we were ready to exchange.

zoomy

Thanks all for the encouragement I did get there in the end yeasterday and have exchanged :T

Completion set for the 29th - now finally feel like I can start to get excited as haven't dared to believe it was going to happen until now!

Congrats to all who have got their keys - have a well earned drink :beer:

mandy_s_2

We exchanged today!!!! :j

Should complete next friday the 30th

I am shocked as the solicitor only received final docs today! :T

sontoon

Congrats Zoomy and Mandy :T

I'm sitting here waiting to find out if we can exchange today as well. The solicitor has said its whether the vendors solicitor is happy to exchange with no deposit... Arghhhhhhh they should've explained that weeks ago but have come to the conclusion our solicitor who professed to know about this scheme obviously doesn't!!!! and we're paying them extra for the privilege. Doh.

Hopefully we will have keys next week as well, cos i'm getting fed up of the boxes of new stuff that are cluttering up my hallway lol

helloapril

I have also had some good news today - we have strated the 7 day cooling off period and are planning to exchange next thursday/friday - I am going to hand deliver the final loan documents in order to save time, it's only 20 minutes journey so don't mind. Hopefuly will be able to complete the following Thursday.
Can't wait but don't want to get too excited until we have exchanged!

Ama

helloapril wrote: »

I have also had some good news today - we have strated the 7 day cooling off period and are planning to exchange next thursday/friday - I am going to hand deliver the final loan documents in order to save time, it's only 20 minutes journey so don't mind. Hopefuly will be able to complete the following Thursday.
Can't wait but don't want to get too excited until we have exchanged!

Fantastic news.

My cooling off period ended today but I don't know whether I'm going or coming. I want to complete by end of November which I believe is possible. I just don't know what is next and I'm not that motivated any more. I've been wanting to do this for the past two years but I'm begining to feel indifferent!!

It'll be nice to see pictures of people's houses at some point to bring some colour to this forum. It's been a long road for all of us and we should celebrate all the successes.

hertsman2009

Hi everyone,

Good to see that people are persevering with the scheme and that some have completed.

Been a while since i've posted, but my original property fell through at the end of September - which was the day i had a phonecall from PfP to announce i'd started my Cooling Off Period! I'm sure you can imagine how sick i felt! I didn't think i had the energy to go through the whole process again but spoke to PfP and the Co-Op and told them of my plight and they were very helpful. So much so that the Co-Op fast tracked alot of my documentation when i found a new property- i found that if you're polite to them and stay calm, they can be very helpful. The underwriting stage now takes 8 working days by the way.

I've started the credit application process now (AGAIN) - i have been advised this is down to 7 working days.

Everything seems to be on track, so fingers crossed - but i've been here before!

My advice to anyone who's property has fallen through or has had survey problems is: stick with it and don't be afraid to ask any parties involved for help. I've found sob stories work great by the way ;-)

zoomy

Ama - I went through that same indifferent phase - hang in there and keep chasing things along - the excitement comes right back when you finally exchange!

Hertsman - fingers crossed for you with this one, it must have been awful to lose the first property ... I bet the new one's nicer though!;)

Ama

I am ready to exchange now but just waiting for my solicitor for a query I have raised with the vendor. My solicitor tells me he's written to the vendor's solicitor and waiting for the vendor's solicitor to get back to him. It's been two weeks now and as far as I know, the vendor is still in the country.

I'm sure this is normal but the funny thing is the vendor's solicitor and mine work for the same firm so we cannot put any delays down to the postal strike. I'm just wondering how many working days it takes to walk to a collegue to talk to them. I suppose I just have to sit tight just like the way my solicitor is sitting on my documents and hope that he will finally get bored and do something with it. I know I will get there in the end so no more fretting on my part for now.