Own Home Scheme Pros and Cons

ladybird3

Apparently there was a 24 hour postal strike in London on the 12th and we've been feeling it ever since!
Anyway had a load of post today including the initial P4P loan docs, just wondering, what sort of thing did people write on the form asking how you will repay the loan in future?!
Solicitors have said that the 7 day cooling is up on wednesday so exchange can happen after that.

Also just a quick note on the exchange to completion period which previously was 10 working days, I have been told that P4P are now saying it can be as little as 6 days so worth as your solicitor about it if you want a quicker completion date. :j

Quick question if anyone can answer it! For those people who put down a deposit, did this have to be cleared into the solicitors/vendors accounts before exchange could actually take place? My deposit probably wont be ready by the en of next week when I've been told I can exchange so is it just that the exchange date is set to fit when the deposit is availabe?

parisjordana

ooooppps I got it wrong it was regional the strike....theres a
Oh well donenational ballot in september.....so maybe more strikes between then and xmas depending on the results.....
well done Rebecca410 thats fantastic news aswell.....hey ladybird maybe you and me this time next week will be on here jumping up and down with joy and excitement cause we have exchanged...lol

ladybird3

I really hope so! it's been such a long time coming that it's hard to believe that it may actually happen!
fingers crossed for us both eh!:beer:

tek-monkey

Presido wrote: »

YES! You will certainly be allowed to purchase the property based on the specific scenario you have raised.

The mathematics of the rule is this: 2 + X

Where X = 0 if you are single and wanted more than a One Bedroom

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X = 0 if you are a couple with no children

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X = 1 if you are a couple and you make it abundantly clear you do need an extra space due to very good reason and both names are in the mortgage application form. If only one name is in the Mortgage application X will revert to zero.

I am allowed a 3 bed place, despite only my name being on the mortgage. I told them my brother lives with me, has done for several years, and the guy at p4p said he was allowed a room. Just has to sign something saying he has no rights to the house.

Presido

There is a grey area in the application of that rule which you have benefited from based on how you presented your unique situation during the assessment. Your brother is not seen as your partner just as a child will not be seen as a partner and in both cases they are deserving of a room space.

tek-monkey wrote: »

I am allowed a 3 bed place, despite only my name being on the mortgage. I told them my brother lives with me, has done for several years, and the guy at p4p said he was allowed a room. Just has to sign something saying he has no rights to the house.

Playboy999

My partner received his initial offer from Places for People on Friday 14th Aug. We are now in the 7 day cooling off period which ends on the 20th. Optima Legal are still raising enquiries with the sellers solicitor so unsure how long we have got left to exchange/complete. Hope it's soon.

Good luck to everyone else.

rngeena

on the day of exchange i was told by my solictor that i needed to put some deposite and she asked me to put the stamp duty as a deposite, which i did. In my case it was 2200 and she told me that she is going compensate for this on the completion. i transfered it to her account on the same day and then we could exchange. She told me that she will not exchange if i dont put some deposite.

ladybird3 wrote: »

Apparently there was a 24 hour postal strike in London on the 12th and we've been feeling it ever since!
Anyway had a load of post today including the initial P4P loan docs, just wondering, what sort of thing did people write on the form asking how you will repay the loan in future?!
Solicitors have said that the 7 day cooling is up on wednesday so exchange can happen after that.

Also just a quick note on the exchange to completion period which previously was 10 working days, I have been told that P4P are now saying it can be as little as 6 days so worth as your solicitor about it if you want a quicker completion date. :j

Quick question if anyone can answer it! For those people who put down a deposit, did this have to be cleared into the solicitors/vendors accounts before exchange could actually take place? My deposit probably wont be ready by the en of next week when I've been told I can exchange so is it just that the exchange date is set to fit when the deposit is availabe?

Playboy999

So what happens if you aren't putting a deposit down? Is this ok as long as the seller is ok with it?

rngeena

I think it depends upon the lawyers. Some lawyers want this deposite for thier won surity. The same happend to my cousin who is also going through the same scheme. The lawyer asked for some deposite just before exchange just to make sure that if he does not complete then he should not be the one loosing nothing. I also know people whose lawyers havent demanded any deposite at all. For us there is not way we are going to drop out anyway and we have to pay the stamp duty so there was not harm in paying it a week or 2 in advance.

Playboy999 wrote: »

So what happens if you aren't putting a deposit down? Is this ok as long as the seller is ok with it?

Agbe

We had our interview last week, and all went well, but we have pulled out of the scheme. The very next day OH's mother called to say that she has sold her house and that out of the profit she will lend us the money for a deposit. We decided to go with that, as it's interest free. (Had no idea she was selling - it's all a bit of a surprise to us.)

Hopefully, since they're taking no new applicants, that'll mean more money in the pot for Londoners.

Also, now we have the deposit secured, we have decided to rent for a year, and see what happens with the market in London. During that year we can save more. The worry is that prices will go up again, but we're sort of counting on them not rocketing. We want to add to our deposit, and get as small a mortgage as possible. If they do rocket, then we've scuppered ourselves, but we've decided to risk it.

Good luck everyone. I do think this a great scheme, as it seems to be "fair".