Own Home Scheme Pros and Cons

Cloister

Wow, we've heard next to nothing from the estate agent throughout, I almost forgotton about them....

but it does take time, we are in a long chain which sucks but hopefully it'll all be done soon and we'll be in our house before long.

Playboy999

charliecj wrote: »

I'm glad it's not just us....said in the nicest possible way! It's all getting a bit nerve wracking now as our vendors want to put the property back on the market due to the amount of time the financing is taking...at least, the estate agent is telling us that. I have a feeling someone is desperate for their commission!!

How long has it taken you to get this far?

We haven't heard much from the Estate Agent - only to update them on the process so far. They haven't hassled us or anything. To get to this point it has taken 4 weeks. We are just waiting for the solicitor to do the checks, draw up contracts etc and places for people to send the paperwork out!

rngeena

hi,
just an update on mine progress. It has now been 1 week since we have recieved the ownhome final papers. According to the solicitor everything is fine from ownhom's side but the solicitor says that they are waiting for the vendor solicitor to give some answeres regarding the managment issue( which i truely dont know what they are) and the solicitor says that the delay is from vendor,s solicitor side. I dont know which one to trust but it is really getting on my nerves because it has now been 3 months since we started and havnt even exchanged yet. Really hoping to exchange within next week

charliecj

Playboy999 wrote: »

How long has it taken you to get this far?

We haven't heard much from the Estate Agent - only to update them on the process so far. They haven't hassled us or anything. To get to this point it has taken 4 weeks. We are just waiting for the solicitor to do the checks, draw up contracts etc and places for people to send the paperwork out!

We had our offer accepted on our property at the beginning of May. Co-op took a long time to agree our mortgage as it was initially rejected by the underwriters as it was over 4 x our combined salary, but we eventually got it agreed and then Co-op sent incorrect details to us 3 times, before finally getting it right. We took a risk and instructed a solicitor to start doing his bit whilst we were arranging things with Co-op and then we had our survey done in June. Luckily this was fine and they valued our property in line with our offer but when it came to Co-op sending our mortgage details to the underwriters again for the final mortgage offer to be issued, they took their time again, despite us calling every day! Our final mortgage offer arrived with us and P4P on 8th July and so we're nearly 2 weeks in to our 3 week wait for the paperwork from P4P. Hopefully we're looking at exchanging in about 2/3 weeks time, but I'm not holding my breath!
We're lucky as we're in a short chain, so hopefully whenever we're ready to exchange, the vendors will agree our dates. Our estate agent is constantly on our backs and to be honest I've been a bit unimpressed with her. She has been calling myself, my partner, our solicitor and P4P almost every day for the past 2 weeks to try to hurry things along, despite each one of us telling her it is out of our hands and we have to wait in line for P4P to get through their back log of work. Last week we were really fed up with the constant calls so we told her to only deal with our solicitor and not to contact P4P anymore. She told us the vendors want to put the property back on the market, but our solicitor has not received any complaints from the vendors solicitor regarding how long the process is taking, so I'm wondering if it is an idle threat.

All in all we're looking at 3 - 3.5 months in total from our offer being accepted to completion, which isn't too bad....it's just frustrating as all we want to do is move now!

Bukkie

I had my application with the Coop today and the credit search came up as a referral. I am worried it wont go through. Has anyone experienced this?

superfran_uk

Bukkie wrote: »

I had my application with the Coop today and the credit search came up as a referral. I am worried it wont go through. Has anyone experienced this?

If you read the thread you'll find lots of references to this.

ladybird3

update here!

Contacted P4P today just to double check that they had recieved the mortgage offer through as myself and the solicitor had already done, they confirmed they had got everything but. . . . . . . . it's now taking 4 entire weeks before they can get the initial offer out!!!!!! argh!!!!!! in fact they said it was going to be at least 4 weeks

so much waiting

Cloister

ladybird3 wrote: »

update here!

Contacted P4P today just to double check that they had recieved the mortgage offer through as myself and the solicitor had already done, they confirmed they had got everything but. . . . . . . . it's now taking 4 entire weeks before they can get the initial offer out!!!!!! argh!!!!!! in fact they said it was going to be at least 4 weeks

so much waiting

I know the wait is killing me, I just want to be in my house! I am someone who does not stress at much but this HAS stressed me out, currently my funding has been approved for exchange but I'm waiting on the long chain.

You wouldn't believe I started this process in January would you?

Anyway just hold in there....

Bukkie

superfran_uk wrote: »

If you read the thread you'll find lots of references to this.

Thanks Superfran. I will keep waiting. I earn £43k a year and the property I am applying for is £265k which is below the maximum of £297 advised by PPF. I guess like others, I am just worried things would go wrong... Also what sort of ID were you asked for?

Thanks

Steven.Morris7

Cloister wrote: »

I know the wait is killing me, I just want to be in my house! I am someone who does not stress at much but this HAS stressed me out, currently my funding has been approved for exchange but I'm waiting on the long chain.

You wouldn't believe I started this process in January would you?

Anyway just hold in there....

We started the process in January aswell... its such a big waiting / chasing game its untrue... But cest la vie i'm just glad i'm on the scheme and as a FTB is quite exciting at times to! I reckon end of August is most likely with us considering the 4 week wait from P4P... Its ashame as the house we are moving into is empty and we are ready to go...!

:rolleyes: