Own Home Scheme Pros and Cons

zoomy

Just spoken to P4P who recieved notice of my final mortgage offer from the co-op yesterday. A very nice (but obviously sick of being harrassed) lady explained that they are currently processing those recieved on the 15th July but that the backlog is getting worse and I'm looking at a 4 to 5 week wait but it could be longer.

So frustrating BUT I'm lucky to be getting the money at all so provided my vendors are happy to be patient then a few weeks longer isn't the end of the world.

Miss_26

This is such a joke. 1 month wait with co-op and then over a month with p4p. Im buying a new home and there are retrictions of how long they can wait plus I only have the funds for 3 months. I dont care if they are getting sick of being bothered, thats just tough, they arent the ones who are going to lose out, we are!

zoomy

P4P did confirm that they re-set the 3 months when they send out their loan documentation so no need to worry on that front.

As for chasing them I'm going to try and wait 4 weeks before ringing - it stands to reason that the more time they spend dealing with chasing phonecalls the less time they have to work on the backlog of paperwork!

My worry is the EA and vendors - I advised them early on in the process (having spoken to P4P but before the back log started) that the whole process should take 6 to 8 weeks!!

Steven.Morris7

zoomy wrote: »

P4P did confirm that they re-set the 3 months when they send out their loan documentation so no need to worry on that front.

As for chasing them I'm going to try and wait 4 weeks before ringing - it stands to reason that the more time they spend dealing with chasing phonecalls the less time they have to work on the backlog of paperwork!

My worry is the EA and vendors - I advised them early on in the process (having spoken to P4P but before the back log started) that the whole process should take 6 to 8 weeks!!

Hi Zoomy,

I'm in week 3 of my 4 weeks waiting for the Final Paperwork from P4P.

Remember when you receive that offer, you will have to have a 7 day cooling off period & then i've read somewhere that even if you exchange on day 8... it will take 10 days to get the money from P4P to your solicitors...

Let alone the solicitors delays... So i'm estimating another 4-5 weeks from where i'm at now before completion!

I'm leaving it till week 4 to chase also. I think its more the EA that keeps chasing because they want their commission no doubt!

Miss_26

Well thats one good thing in respect of the funding. When I spoke to the Co-op though they gave me an estimated completion date of September 30th.

I disagree with that chasing comment as when I chase people it gets things done quicker. Had I not chased all of last week and the week before I would have more than likely missed out on funding. Im not leaving it 4 weeks plus I have my dad telling me to keep ringing as he knows what people are like when left.

Im sure it wont take that long. Its not like P4P have to deal with funding issues anymore so they can put everything into getting the loan paperwork sorted out.

zoomy

Steven.Morris7 wrote: »

Hi Zoomy,

I'm in week 3 of my 4 weeks waiting for the Final Paperwork from P4P.

Remember when you receive that offer, you will have to have a 7 day cooling off period & then i've read somewhere that even if you exchange on day 8... it will take 10 days to get the money from P4P to your solicitors...

Let alone the solicitors delays... So i'm estimating another 4-5 weeks from where i'm at now before completion!

I'm leaving it till week 4 to chase also. I think its more the EA that keeps chasing because they want their commission no doubt!

Don't worry , I've not forgotten! Reckon I'm now looking at hopefully exchanging w/c 21st September with completion 2 weeks later.

What date did P4P receive your paperwork? They're now up to 15th July and I remember reading that someone on here was 17th July - was that you? Not long to wait now if it was!

Cloister

it's all getting close for everyone now, good luck for the rest of you.

We complete tomorrow, so fingers crossed it all happens smoothly! man it's been such a long and stressful wait - we first applied to homebuy in January who then put us in touch with PfP and co-op.

parisjordana

good luck Cloister with completion....Im not on this scheme but have been reading everyday everyones experiences and I so feel for you all....we were meant to exchange last week but now maybe this week....we are exchanging and completing the same day,have been told could be this week could be next week...gggrrrr how long is a piece of string.....we are all ready to go apart from an insurance policy they are waiting for.....I sleep house...I think of the house....I cannot get this word out of my head LOL....good luck everyone and Im so happy for you Cloister how exciting is your day going to be tomorrow...bet you wont be sleeping tonight.

Cloister

heh,

Thank you for your kind words and you're totally right about thinking house all the time.

Wake up - think house... do anything - think house.... it's just the whole point of everything at the moment and we are all consumed with it, preparing for it hoping nothing goes wrong with it.

Also when we move we are getting a lovely little puss cat from Cats protection league. We weren't allowed a pet where we were renting so that'll be nice. You a FTB as well Paris? are you on another scheme or normal buyer?

Agbe

"Also when we move we are getting a lovely little puss cat from Cats protection league. We weren't allowed a pet where we were renting so that'll be nice."

Totally off-topic (although I am on the scheme), but so glad you're getting a cat from CPL! I worked in animal welfare for about ten years, and now have two semi-feral cats I got from the job. (I fostered many.) They are excellent, (difficult, at first, but always very entartaining and now very affectionate) and I just wish more people would "rescue" animals, as it saves them from being put down. (I worked for a place that had a policy of not putting down animals, unless they were in great pain; but still, there are so very many animals in homes (we had a waiting list of thousands) ) that will eventually be put down simply because there is no other option).

Hope you enjoy your new cat and home. :T