Own Home Scheme Pros and Cons

tek-monkey

Well I didn't her back from the EA yesterday, and have since found 2 people interested in the property! Neither are willing to pay the asking price, which is a good sign, but both do want it. One is a mates mum, the other a friend of my sisters. Made sure I've not let any details out about my finances, but think I may forget this one if my offer isn't accepted.

Been for a walk this afternoon, took a look around a few areas and scoped a few other houses out. Found 3 I might be interested in, so gonna call to arrange a few viewings tomorrow.

Agbe

tek-monkey wrote: »

Well I didn't her back from the EA yesterday, and have since found 2 people interested in the property! Neither are willing to pay the asking price, which is a good sign, but both do want it. One is a mates mum, the other a friend of my sisters. Made sure I've not let any details out about my finances, but think I may forget this one if my offer isn't accepted.

Been for a walk this afternoon, took a look around a few areas and scoped a few other houses out. Found 3 I might be interested in, so gonna call to arrange a few viewings tomorrow.

Thanks for keeping us updated, and good luck with your search! :beer:

I have (yet another) question, to anyone who can help: when it comes to the amount of bedrooms allowed, what constitutes a "bedroom"? For example, we have been looking on the internet (not yet at the stage of making offers or anything), and have found a few places that interest us. We are entitled to two bedrooms. One of these places has a: "loft that can be used as a bedroom" (although the size of the loft is explicitly not included in the floorplans and gross internal measurements); another has what is called a "possible study area" - it is a room that is 3ft by 8ft with no windows. Would Ownhome regard such things as a third bedroom, does anyone know?

TIA

tek-monkey

I'm not sure TBH, but I had to call about a place I'd found because of this. I'm allowed a 3 bed, because my brother is a permanent resident with me. I saw a lovely house that was 3 beds with an extension, but the extension had one room and a wet room style bathroom in it. Lady at P4P said that chances are they'd consider it a bedroom, especially as its effectively got an en-suite. Told me I could try, but she was 95% certain I'd be refused and money was running out. I wanted it as a gym!

Essentially my call, but not worth the risk just in case. My GF has 2 kids, so I'd love a place they could stay over sometimes too. Thats not what this scheme is for though, its to get me started not my dream house!

Saying that, I REALLY like the house I put an offer in for. Just seems the asking price is too high

EDIT: Just a thought, but the "possible study area" is too small for a bed so surely can't be counted? Not sure on the loft though, has it had proper windows/radiator etc put in?

Agbe

Third attempt to reply, so apologies if this post eventually appears three times . . . . .

tek-monkey wrote: »

I'm not sure TBH, but I had to call about a place I'd found because of this. I'm allowed a 3 bed, because my brother is a permanent resident with me. I saw a lovely house that was 3 beds with an extension, but the extension had one room and a wet room style bathroom in it. Lady at P4P said that chances are they'd consider it a bedroom, especially as its effectively got an en-suite. Told me I could try, but she was 95% certain I'd be refused and money was running out. I wanted it as a gym!

Essentially my call, but not worth the risk just in case. My GF has 2 kids, so I'd love a place they could stay over sometimes too. Thats not what this scheme is for though, its to get me started not my dream house!

Saying that, I REALLY like the house I put an offer in for. Just seems the asking price is too high

EDIT: Just a thought, but the "possible study area" is too small for a bed so surely can't be counted? Not sure on the loft though, has it had proper windows/radiator etc put in?

My thought is that the loft probably would count as a room - no radiators, and no "proper" access (you'd have to use a ladder), but it has had windows installed, and it is bigger than the "second" bedroom. As for the "possible study area", well, you might be able to fit a single bed into it. I think, if it's still on the market when we're at the offer-making stage, we'll call and check before we do make an offer. It has no windows, it's very narrow (I would probably term it as a walk-in wardrobe, or something), and the other bedrooms are really quite small.

I just don't want to risk messing it up! (We don't want or need a third bedroom, anyway.) I mean, what about utility rooms? Are they allowed? My biggest worry is that here in London, asking prices are shooting up (I guess because vendors assume that people are going to go in with low offers), and that if we agree on a sale price, the survey says it's worth less than that, then the mortgage (quite rightly) gets refused for that amount, we've basically blown it, in terms of time to find another place before funds run out.

tek-monkey: whereabouts in the country are you, if you don't mind my asking?

tek-monkey

Nope, its only here once!

I'd say if you need a ladder to get to it, its not a bedroom. I'm not a surveyor though! It is a risk, and I was too worried about missing the funding to risk it. I'm in the West Midlands, think its just our 2 areas that still have funding. Luckily round here I can get a 3 bed for 130k, dread to think what the costs are down there. Hope it goes well for you.

Agbe

Yep, prices are crazy. My OH and I have always (individually and together) rented in Zone 1 or 2; but now we're looking to buy, we're looking at Zone 3. Two-beds in areas that are about 45 mins away from the centre by train/tube (the same time it would take me to get to Brighton, by train!) start at around £250K; and ones that would require no refurbishment (which we couldn't afford anyway), are around £280K minimum And this is Zone 3!

But it's our choice to stay here, and we understand that.

I think the loft house is too risky, although I might call them about the "possible study" one.

Hope it goes well for you, too, and do keep us updated.

krisswilliams

Going to give Co-op a call today as I got referred to under writers on Thursday, hopefully they have got back to them...

rngeena

this is an update on my situatuion. Everything is finished from my side I have got everything that is needed for an exchange so was really hoping to exchange end of last month but because iam in a chain the owner of the property the vendor is buying has died and now the daughter need to get a probate in order to be able to sell the property. I am renting at the moment and have already given notice to empty the place by end of this month, and now seems like by this end of this month i simply will have no place to leave in. Really in bad situation as i simply dont know how long the vendor legal procedure will take. Have anyone been in a similar situation or does anyone know how long does it normally take to get the probate? Any advice will really appreciated. I can not even pull out because the funds has only been secured til 25th of september and if i pull out now there are chances that i may not be able to get another house due to funds running short in london( i live in london)

tek-monkey

Got turned down at £130k, offered £132,500 if they leave me the downstairs furniture. They don't need it as they're moving into his place, will see what happens!

wildgill

Fingers crossed fpr you tek-monkey. I hope it all goes well.