Own Home Scheme Pros and Cons

zoomy

Just wondering how everyones purchases are progressing?

I'm on a bit of a go slow as am not wanting to complete until September but sent my documents wage slips etc off to the co-op yesterday. Have gone with Optima for the legals (thanks for the reccomendation!) and have had a pack through from them this morning asking for money and proof of ID.

Keep going from being excited to terrified at the ammount of debt I'm taking on and worried that something will go wrong and it won't all happen!! (guess part of my problem is that given I work in property I know just how many things can go wrong!!!)

Steven.Morris7

zoomy wrote: »

Just wondering how everyones purchases are progressing?

I'm on a bit of a go slow as am not wanting to complete until September but sent my documents wage slips etc off to the co-op yesterday. Have gone with Optima for the legals (thanks for the reccomendation!) and have had a pack through from them this morning asking for money and proof of ID.

Keep going from being excited to terrified at the ammount of debt I'm taking on and worried that something will go wrong and it won't all happen!! (guess part of my problem is that given I work in property I know just how many things can go wrong!!!)

Hey i've had the valuation (the co-op actually rang me with the results rather than me chasing them or waiting for the post!!!) & need to have a specialist go around to double check some bits and bobs, that should be done by friday... & thats all the co-op need to progress with my money...

Solicitors wise... God knows :-) They have my ID etc etc & have done for about a week now, but i'm focusing on chasing Co-Op and P4P before i direct my harassing at the solicitors ha ha!

Cloister

heh, I know what you mean about amount of debt. I have read and re-read all the documents from places for people and the co-op and it does all sound very scary, you get to thinking "Am i oing the right thing"

But I know this is right for us, I had a feeling about it ever since I started the process end of January.

It has been a really slow process for us and I am beginning to feel almost exhausted at the amount of waiting and the hoops I have to keep jumping through to get this sorted.

The house we are buying in the survey the electrics were noted and not having been checked and couldn't verify when it was last checked and co-op picked up on it and we had to get an electrical survey done and a quote for the work. Once I sent them these details they asked for proof that we could pay to get the work done and do it within 6 months.

So I'm just waiting on the co-op to finally say to my solicitor they can release funds and my solicitor will arrange exchange and completion. So I'm hoping to excange by the end of next week and complete 3 weks later but it's not just up to me!

ladybird3

Survey booked in for friday! not sure how long it will take from then to exchange though-anyone have any ideas?

Steven.Morris7

ladybird3 wrote: »

Survey booked in for friday! not sure how long it will take from then to exchange though-anyone have any ideas?

Well i guess it depends on what your survey finds.... On ours they wanted a specialist to double check possible damp... But are happy for the co-op to lend us the money either way.... But do require a letter from the specialist on file to action the next step! Hopefully that will be Friday / Monday & then i will hopefully know a bit more!!
:think:

Cloister

Steven.Morris7 wrote: »

Well i guess it depends on what your survey finds.... On ours they wanted a specialist to double check possible damp... But are happy for the co-op to lend us the money either way.... But do require a letter from the specialist on file to action the next step! Hopefully that will be Friday / Monday & then i will hopefully know a bit more!!
:think:

Yeah, like I said before ours was electrics....

Playboy999

We paid for our survey & valuation on Monday and it is being done tomorrow! Just sent all the paperwork & id off to Optima Legal and have to pay them £295 to start with the Legal side of things so hopefully things will start moving now!

Good Luck to everyone else! Keep us posted.

ladybird3

Rang optima today as wanted to get an idea of time frames now that the survey has been booked however they said that until the final mortgage offer has been dispatched to me they're unable to comment
However they did say that once the valuation has been done this then goes back to the co-op who then (all things being ok with the survey!) put together the mortgage offer and send one out to places for people who have to look over it and apparently there is a backlog for that at the moment of at least 2 weeks!
then is the 7 day cooling off period plus the minimum 10 days gap between exchange and completion
argh! looks like I wont be moving for a looooooooong time yet

blunt_crayon

ozzyozzy wrote: »

Hi everyone,

I have been new to this forum and from the London area, I was very disappointed to read earlier in these threads that basically the funding for Ownhome Scheme will cease to exist - according to the Governments 'Homes & Community' website. As they want to promote Newbuilds i.e. Homebuy direct Scheme! I.e. flats made out of cardboard & plasticine ! :eek:
I applied to the scheme at beginning of May, and was told wait for a letter at beg. of July. From what I have been reading, the waits have been longer. So I decided to call PFP today and she did indeed confirm the wait would be a lot longer...and apparently I am 541st in the London area queue! BUT when I asked her whether funding was likely to last in the London area for another few months she could not answer it !

Obviously I will wait another few months for 'letter' and probably funding for London will be over AND the Ownhome scheme will be no more

Thats really pee'd me off - why the Government are abandoning this great Scheme and forcing everyone to purchase newbuilds is no doubt a politically influenced decision....it stinks - I dont want a cardboard home !

Ozzy.

i'd like to think that maybe, possibly, developers might finally get their snouts out of the BTL trough and stop building poky, shoddy 'executive apartments' in 'up-and-coming areas' and start building homes that people actually want to live in... i.e. with bedrooms bigger than 9x9ft and wow, gardens... i would actually quite like to live in a newly built house. i just wouldn't want to live in the new-builds that are currently available, built to low spec with tiny rooms and will look like !!!!!! in 10 years' time. hopefully the govt/developers may realise this... won't hold my breath though!

sideslipmike

Hey all,

I seem to be running along the same stages as a few others on here, i have just had my offer finally accepted by the EA today on our dream home, and Co-Op have agreed my MIP, need to sign the documents now and send them back with payslips, and p60 and finally instruct the solicitor, then off down that road of surveys and valuations and solicitors fees:eek:.

However i am very grateful being given this chance to be able to afford my own home, especially living in cornwall where house prices are sky high (due to these politicans 2nd holiday homes :mad:) and with having 3 kids again thankfull i could be accepted to go for a 4 bedroom home, so i agree with alot of the comments above, its only fair if you need the rooms, and not thinking in years you might need the extra rooms, so a good procedure set out from Ownhome/PFP there.

incase anyone else is from my direction it took me 15 weeks to hear anything from PFP and a few phone calls to keep on top of them before things began to move, when i asked if funding ws still avaiable they applied yes, but this was 20 weeks ago, but i do hope there is still funding avaiable for others out there who are in the same boat as me.

However after having my mortgage quote, the under-writers did drop it by £12`500 so beware anyone out there the orginal quote you recieve from Co-Op may drop, even though i have a semi decent wage i am the only worker in the family, especially having 3 kids, one being a new-born so be prepared as i have had to find £12`500 from somewhere??

So far though my process has gone smoothly, if anyone wants more info i shall try my best to keep you informed but it seems others on here are too, so keep up the updates everyone, i believe it keeps people motivated with their goal in mind.

I wish everyone luck with there applications and that you recieve funding.:T