Own Home Scheme Pros and Cons

coffeedog

Hi Sideslipmike,

I'm in cornwall too. Would you mind letting me know the price you were limited to? I'm still waiting for a letter - 12 weeks now. Would be good to hear this from someone in my area.

Ps I agree - holiday homes - grrr.

graphish

hi, so when did you apply. we applied 9th april and still waiting...

graphish

sideslipmike wrote: »

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

what date did you first apply?

Playboy999

Weve had the valuation & survey done yesterday - the seller said Countrywide were there a good 3 hours so weve got our money's worth:D. Just got to wait for the outcome and for the solicitors to receive our authority to act forms!

Has anyone any idea about the NIL deposit at exchange? Does this depend on the seller and what they will accept?

ladybird3

my survey and valuation was done this morning-just waiting to hear some news now!

Steven.Morris7

ladybird3 wrote: »

my survey and valuation was done this morning-just waiting to hear some news now!

The send a electronic smaller version direct to the co-op pretty much the next day... it then takes 3-4 days for you to get the more detailed spec....

Unfortunately i had to get a Damp specialist in, which they did yesterday & forwarded me the results today, which i've then had to forward back to the Co-Op who then forward it to the valuation company.... (alot of forwarding)...

However for me now, the specialist has estimated that 1,600+ worth of work needs doing... The house is being marketed as "Immaculate"... So i'm now going to go back to the EA....

Head Spinning.

Cloister

Playboy999 wrote: »

Weve had the valuation & survey done yesterday - the seller said Countrywide were there a good 3 hours so weve got our money's worth:D. Just got to wait for the outcome and for the solicitors to receive our authority to act forms!

Has anyone any idea about the NIL deposit at exchange? Does this depend on the seller and what they will accept?

From what I can tell this will depend upon the seller, however the seller will probably know that you are using this government scheme and most likely be ok with that.

My Solicitor reccomended that I offer at least something to the seller - in this case I found £100 as my deposit and when I signed the forms for the contract it says if you pull out you can be liable for 10% of sale price which would have been £14k in our case.

But we won't be the ones pulling out and we haven't actually exchanged yet.

Damn it's a scary business this house buying lark.

katelu

Just updating on me really!

Well, I did appeal and the co-op have offered me the mortgage to buy to house I wanted to buy so the appeal was worth it in that sense. However, I got a letter today saying that PFP have run out of money and so this whole exercise has been completely worthless after all:(. Gonna have to do it the old fashioned way and save up so looks like rented for me and my kids for a few more years.

ozzyozzy

Yes Katelu, very sorry to hear about that, I am in the london area and still waiting but getting very worried that the funding in the London area will run out too soon. I have been waiting for the phone interview for 2 months now, and still waiting.....No doubt by the time that happens there will be no funding left AND of course the ownhome scheme will have completely finished.

Joke. Thats what it all is ! :cool: the old fashioned way for me by the looks of it ........Ozzy

Steven.Morris7

ozzyozzy wrote: »

Yes Katelu, very sorry to hear about that, I am in the london area and still waiting but getting very worried that the funding in the London area will run out too soon. I have been waiting for the phone interview for 2 months now, and still waiting.....No doubt by the time that happens there will be no funding left AND of course the ownhome scheme will have completely finished.

Joke. Thats what it all is ! :cool: the old fashioned way for me by the looks of it ........Ozzy

Hey... I honestly got the impression when calling p4p and chatting away to various co-op people that the only area that ran out last year & this year is the north west....

I hope you'll be fine.. I had to wait 4months for the interview... & within 18 Days i had a offer accepted and the funds allocated..! So i guess my only advice would be to keep your eye on the properties so that you can get a offer in quick and get the process moving!