Own Home Scheme Pros and Cons

zoomy

hertsman2009 wrote: »

Hi all,

I thought i'd just let everyone know that I Exchanged on Friday with a view to Complete on the 1st of Dec (so i only pay a month's mortgage on my first payment!).

You'll probably end up with a double mortgage payment ... but on 1st January!

Congrats to all those who are making progress :beer:

Tek Monkey - hang in there and keep chasing them all!

ladybird3

As zoomy said Hertsman I'd ring the co-op about your payment! I think they only activate the direct debit after completion so almost certainly you'll get a doube payment on jan first-check with them!!
congrats on exchanging though-must be a great feeling to know you'll be in for xmas

Tek moneky you'll get there eventually!

Ama

It looks like everyone is making good progress and nearing the end of what has been a very long and painfull process. Congratulations to you all.

I read somewhere that p4p need at least 6days between exchange and completion. Does anyone know whether this is right? I'm just waiting to exchange. My solicitor is now telling me he's waiting on a search and cannot tell me when he will get a response. I just have to wait and see what happens.

hay_mcknight

tek-monkey ..... hang in there.... fingers crossed !!! you cant come this far !!

Ama - yeah you need minimum 6 working days between exchange and completion. Thats wot I got told anyway..

tek-monkey

Thanks mate

Yeah, gonna hold in. Not a lot else to do, the £1500 is gone regardless! Just hoping it'll all get fixed this week, that way I get to move in for christmas. Will be a very nice present for myself!

BigTA78

We're currently in the 7 day cooling off period. We might hit a potential stumbling block though as the vendor wants a 10% deposit at exchange as they plan to use this to fund the exchange on their property and we just don't have it. As far as I'm aware, OwnHome & CoOp don't release the funds until the day of completion. Anyone know how to get around this problem?...or anyone have £20k they could lend me

I think this is a major oversight on the OwnHome scheme.

tek-monkey

Hang on, 7 day cooling off? Is that from Co-Op or P4P? My mortgage and funding expire one week today, I hope I don't have a weeks wait once I get the documents in!

As for deposit, they can have 50p if they're lucky

hay_mcknight

BIGTA78...my vendor asked for a deposit as well on exchange but my solicitor told them that I didnt have a deposit and explained the scheme and that they would get all the money on completion.... at the end of the day if they want to sell then they will have to wait until completion...ur solicitor should really make this clear to the vendors sol asap !!! I think some people have obtained the deposit from other people in the chain if there is one ... I would threaten to pull out if they insist on a deposit...

Tek-monkey.... after ur final mortgage offer gets sent to pfp from the coop.. pfp will process it and send it out and that is when ur 7 day cooling off period starts....have u not got to this stage yet?? If not I would suggest calling pfp and coop and asking for ur mortgage and funding to be kept for you.... if u explain reasons then Im sure they would do it !!

tek-monkey

I already have had 2 weeks extension, the 17th is it

Until the vendor supplies an indemnity I'm stuck, they know my timeframe so all I can do is wait.

debhome97

Congratulations to all of you who managed to buy a house through ownhome. I on the other hand have found them to be ok if everything goes ok, but inflexible if it doesn't I know they can't hold out indefinitly but my issues havent been my fault whatsoever. The first house we went for (almost exchanged in August) the top of the chain dropped out as they got tired of waiting for Ownhome to sort paperwork out and say "yes" to everything after I had already had my funding secured. So Ownhome gave us another chance but this time our Vendors can't get a mortgage, (they are self employed have no profit on their books although have 90k equity) our estate agent says hold out another week just incase of a miracle... but as we have our valuation booked in for this Friday the 13th (bad omen I think) and already postponed once by the estate agent.... I will have to tell the co-op that we need to cancel it and loose the ownhome funding and I loose some more money there after already loosing near to 2k on the first house that almost went through. I asked Ownhome where I stand if this doesnt work out , they say that I can't get another home if this second one doesn't go through as I am lucky I even got a second chance... and they have no idea if there will be any schemes next year. I feel totally worn out and not sure I can through this again, the whole house buying process in this country is useless I wonder how anyone does it. I was so looking forward to Christmas in my new house, now I feel like a right scrooge...rant!