Own Home Scheme Pros and Cons

Kim_ftb

Hi everyone.

I have had an offer accepted on a property last week and my mortgage application has gone to the underwriters and I should hear back early next week. I'm in the London area and have been told by p4p that there is still funding available here.

Our estate agent is really pushing us to give him solicitors details to get everything moving. I'm unsure as we have not had our mortgage offer yet.

What has everybody else done? Can you recommend a solicitor? I don't want to have to pay a solicitor in the event that our mortgage is refused.

Thanks for any help.

Bukkie

Hi Kim, I am at the same stage as you and I just explanied the proccess to the estate agents. someone mentioned in this forum that they are just over eager for their commission. I am just shopping for solicitors right now, getting quotes believeing that our application will go through. Might end up using Optima as recommended by the Coop as they understand the own home scheme. Stay positive and let us hear the good news when you know! Fingers Crossed for us!

Kim_ftb wrote: »

Hi everyone.

I have had an offer accepted on a property last week and my mortgage application has gone to the underwriters and I should hear back early next week. I'm in the London area and have been told by p4p that there is still funding available here.

Our estate agent is really pushing us to give him solicitors details to get everything moving. I'm unsure as we have not had our mortgage offer yet.

What has everybody else done? Can you recommend a solicitor? I don't want to have to pay a solicitor in the event that our mortgage is refused.

Thanks for any help.

superfran_uk

My only advice would be do NOT go through your estate agent's recommended solicitor. We thought this would save time and their quote was competetive (and no sale no fee, which we liked the sound of!) but they (Martin Tolhurst - avoid like the plague!) were incompetent - they spelled my surname in three different ways and got the property we were buying completely wrong! - and we had to tell them to sling their hook.

Steven.Morris7

Bukkie wrote: »

Hi Kim, I am at the same stage as you and I just explanied the proccess to the estate agents. someone mentioned in this forum that they are just over eager for their commission. I am just shopping for solicitors right now, getting quotes believeing that our application will go through. Might end up using Optima as recommended by the Coop as they understand the own home scheme. Stay positive and let us hear the good news when you know! Fingers Crossed for us!

I would recommend "Blakemores" in Birmingham (even tho i now live manchester)... & they have been very good so far... By far better than the Vednors solicitors!!

But each to their own...

ladybird3

I went with Optima and so far have been very impressed with their service, I havent had to chase them up about anything and it's all been quite prompt. One of the assistants of your solicitors also gives you a ring every few days to give you an update on how things are going but they also have an online tracking system so you can check that things have been receievd by them etc without having to ring them all the time.
Wouldnt have thought they're the cheapest but their fees seem to be competitive

Abi4983

Hi everyone,

I'm quite new to this scheme, i registered with co-op about 6 weeks ago and am waiting for a a phone interview altho from what I'm reading all the funding has run out! Can anyone on here confirm this? I live in the south east area?

Thanks

wildgill

Hi, I rang last week and come under the same area.

I have been told that funding is still available although they had stop taking application from the 26th of June. The gentleman explained that it was now down to how many people were accepted and how much these people required to complete, he then reiterated that it would be at least a 14 week wait. Fingers crossed for us both. x

Hope this helps.

Cloister

Well, just to keep you up to date we exchanged today \o/ and complete on the 12th August.

I have my fingers crossed for everyone else waiting for funding.

Bukkie

Congratulations.. really happy for you...

Hope all goes well for the rest of us!!

rngeena

hello everyone,
i definately agree with superfran not to hire the solicitors recommanded by the state agent. We did the same and hired the one was recommanded by the state agent. For us everything has been done from PFP side and now my solictor says that they are waiting for the managment stuff to compelete. It seems like since past 4 weeks we are in the same stage and nothing has moved. I called yesterday and she is simply telling me that she does not know how long this will take. I dont understand what the managment stuff is?. She said that it is up to the managment companies and they are extremenly slow. I asked for the possible exchange date and she says she can not say anything. I simply dont know what to do now because she is not giving me any time as when we can exchange. Does anyone been in the similar situation as me and has any advise as what should i do?. I am tired of calling the solicitor all the time she simply does not update me. It is very necessary for us to exchange end of this month. Does anyone know how long the mangement stuff takes? any answer will really be appreciated.
Thanks