Own Home Scheme Pros and Cons

superfran_uk

Pigeongirl wrote: »

Our solicitor definitely said we could exchange and complete on the same day and said the rules were 'flexible' but as we decided to have a three week gap I'm not sure exactly what it would have involved.

Is your solicitor an expert on this scheme? If not, I would not risk it. We (myself and rngeena) have been told it is not acceptable by the people who are in charge of the cash, therefore I think that listening to them is the wisest option!

Pigeongirl

superfran_uk wrote: »

Is your solicitor an expert on this scheme? If not, I would not risk it. We (myself and rngeena) have been told it is not acceptable by the people who are in charge of the cash, therefore I think that listening to them is the wisest option!

No she isn't an expert on the scheme, just a normal solicitor. Worrying that people could be getting wrong info.

tek-monkey

Miss_26 wrote: »

Tek-Monkey - I would never be able to afford to rent on my own. Ive never wanted to live with anyone, im not very tolerant of people lol. I struggle with 1 weeks holidays away with friends. This was the only way id be able to live on my own. My sister rents in the area where ive bought, so at least shes on hand. Its about 25 mins away from where I live now.

Me neither, I've been in various house shares over the last dozen years! The last 5 or so have been with my brother though, and we're best mates so its easier. Made sure both P4P and the co-op are aware he'll be with me though, so from the start its all above board. Apparently he needs to sign a declaration that he's not entitles to a share in the house but otherwise its not an issue, and he's noted on the mortgage documents as a cohabitant.

Just thinking of how much rent I've spent in that time is scary, and to think I didn't buy in 2000 because I wasn't sure spending £45k on a 3 bed terrace was a good deal!

superfran_uk

Pigeongirl wrote: »

No she isn't an expert on the scheme, just a normal solicitor. Worrying that people could be getting wrong info.

At the point of exchange there's no going back, and once you've spent what, 2 or 3 months dealing with the stress of the scheme two nice relaxing weeks to pack and get things in order isn't really a bad idea anyway.

I've said throughout this thread that this is a great scheme - as long as you follow the rules. That's what I did and now I have a lovely 2 bed semi and I feel like the luckiest person in the world. This isn't aimed at you, just a comment in general.

rngeena

:Tjust recieved a call from my vendor saying that he has finished all the paperworks pending from his side and will email those to my and his own solicitor in order to us to exchange next week. We are in a chain and vendor did manage to finish his work on time and he agreed to movein with his parents he has given us a moving date of 25th and if everything goes well we shoudl be able to complete by 25th:D

tek-monkey

superfran_uk wrote: »

At the point of exchange there's no going back, and once you've spent what, 2 or 3 months dealing with the stress of the scheme two nice relaxing weeks to pack and get things in order isn't really a bad idea anyway.

How much room for manouvre is there on completion dates? As I rent, ideally I'd want an overlap of a week to get everything sorted.

Cloister

Tek,

I believe completion is a negotiated deal between you and the seller and everyone else in the chain with each other.

For us a date was suggested by our solicitor as the date the seller wanted to complete and we accepted it. So if you say "I can complete on x" to your solicitor they will paass that on to the seller and go from there.

tek-monkey

Excellent, cheers. No chain involved in this one, I rent and the people I'm buying from already have another house, so hopefully will be easy!

Presido

This very popular OWNHOMN scheme in which the Government must have be advised to stop because it was really helpful to those who honestly cannot purchase a property, without some sort of help, is now in its final laps. I heard from an authoritative source that they have less than £10m to be allocated. Since the advisers treat 25 cases every day and assuming every successful applicant gets 100k each then the funds will dry up before the end of August in LONDON.


To those who have secured funding in this scheme I say congratulations.


To those who are waiting to be allocated funding I wish you good luck.


To those expecting a letter for interview I am of the opinion with 90 percent confidence level, considering the processing time, that funding will not be allocated. In the event you do receive your letter then you must act very quickly and run faster than Usain Bolt to have any chance of beating the cut-off date.

mary4kids

Dream might be over for us. Estate agency just called to say vendors going holiday to Europa for 2 months and wants us to complete before then. They told me we have until 1st of september or they will be pulling out. I dont know what they want me to do. We received the coop mortgage offer on 29th of july and was told by p4p there is 4 weeks backlog. Do you think that was it. Is there anything I can do? I am gutted. Last time I spoke to p4p they told me not to call again and was very rude.
And superfran I put offer on this house no more than 10 days before our interview with p4p as they lost our papers and was told by where I applied to scheme from my4walls that manager of p4p apologised and I should put offer down to be ready for the coop interview. And yes you can apply to scheme by one of the ownhome agent like my4walls.
Also I called coop before I put down an offer to ask how much my limit should be and they were very helpfull. I knew my credit rating is excelent too as was told by my bank last year when I applied to ordinary mortgage but couldnt afford at the time with high house prices. By the way we probably had the same case worker as ours was on holiday for 4 weeks.