Own Home Scheme Pros and Cons

Steven.Morris7

tek-monkey wrote: »

Is this to actually get the money, or to have it allocated? I hope its not the allocation, as mine only got requested today!

I'm way past both those stages... I'm about 2 1/2 weeks away from contract signing now... You've got a patient few weeks ahead of you!

tek-monkey

lol, tell me about it! Only got the offer agreed last night, but done the mortgage and solicitor bits already. Now I just have to sit at home signing bits of paper that come through my door for a few months, while handing over wads of cash

ladybird3

Will let you know Steven! I think we're both heading in the right direction though-it's pretty exciting!
I guess you're 5 weeks from exchange if i'm 4 weeks, writing to my landlord this week to end my contract on my rented place-yippeee!

Tek-monkey P4P will let you know pretty quickly that the funding has been allocated, what I did was to call them to ensure the co-op had let them know I had found a house and they confirmed the funding was secure over the phone, I then had the proper letter from them a day or 2 later. Well done and good luck!

wildgill

Hi all, I'm so pleased for all the people that have progressed and secured funds. :T I hope you will all be happy in your new homes. I think you all deserve a huge housewarming and get all your guests to bring paint brushes lol.

My question is that I'm in the South East and I've seen a couple of threads stating funds have dried up for this area. However, I have heard nothing.......not even a letter to say they won't be processing our application. Is no news good news?? Any thoughts?

Cloister

ladybird3 wrote: »

Will let you know Steven! I think we're both heading in the right direction though-it's pretty exciting!
I guess you're 5 weeks from exchange if i'm 4 weeks, writing to my landlord this week to end my contract on my rented place-yippeee!

Tek-monkey P4P will let you know pretty quickly that the funding has been allocated, what I did was to call them to ensure the co-op had let them know I had found a house and they confirmed the funding was secure over the phone, I then had the proper letter from them a day or 2 later. Well done and good luck!

Hi,

Just thought I'd say about giving notice on your rental, I did mine only once I had exchanged - we are in a long chain, no idea what yours is like but I think it would make sense to only give notice on your rental once you have exchanged as people can pull out or delay things. just a word of warning really just in case.

We were waiting for exchange for a while and then when it came to it someone in our chain was moving to a managed flat and they had a dog and they stopped things for a week while they had to ask the managing agents whether they could take the dog with them.

I wonder if you had something like this you might be in trouble if you give your notice too early. Unless you exchange and complete on the same day of course...

hope it all goes well for you... There seems to be a good amount of luck and goodwill on this thread and I do wish everyone well and hope they get their houses as SuperFran has hers and hopefully next wednesday we will have ours... Not counting the chickens till I have the keys!

C

Morphosis

Cloister, you have to leave 10 days between exchange and completion

Cloister

Thats what they say, but my solicitor said those rules are flexible. As long as P4P have 10 days notice you can exchange and complete on the same day.

Miss_26

Ladybird3 - In relation to the funding I understood that once you had had the call from Co-Op confirming the offer they then emailed P4P who replied pretty much straight away to Co-op and then Co-op phoned you to confirm it. You would then get a letter sent out in the post to you confirming all of this. Is that not how it works?

tek-monkey

The co-op told me they were emailing P4P while I was on the phone, P4P said they have a bit of a backlog but as soon as the email is looked at they reserve the funding and notify you by post.

Miss_26

Thanks. They are looking at mine this morning at Co-op after appealing the decline. Should be ok as the only issue is the linked address and thats being sorted with a declaration, email from experian confirming they are removing it. Anyway im in the West Midlands and I have visions of me trying so hard to get all this rectified for them to turn round and say "sorry funding has run out".