Own Home Scheme Pros and Cons

ladybird3

not at all!!

mine was accepted on 17th of June and my EA told me initially that they work on the basis that a straightfoward sale with no glitches etc would take around 3 months minimum.
If yours is pestering you then I think he's being slightly unreasonable, everyone wants to move quickly but these things take so much time given what has to be signed and posted back and forth between various people-he should know that!
I've read a few things saying that offer to completion can be anything from a couple of days to over a year, certainly my EA said he just closed a deal last week for an offer that was put in beginning of last december!

I think if the EA is being a pain just explain that you've done everything you can on your part and if the vendor's solicitors are pushing then they should be contacting your solicitors to chivvy things along NOT going through the EA and then to you!

mary4kids

After vendors solicitor writing to p4p that they are pulling out if not complete by 1st of september we just received the ownhome offer:jWe had to send doctor report to p4p about our sons disability too for them to see why we need this house. They allow us to shortened the time between exchange and completion. So what next? Do I need to call my solicitor and ask for completion date?
Thanks for all your helps and encourage people. You all been great help...:beer:

Steven.Morris7

mary4kids wrote: »

After vendors solicitor writing to p4p that they are pulling out if not complete by 1st of september we just received the ownhome offer:jWe had to send doctor report to p4p about our sons disability too for them to see why we need this house. They allow us to shortened the time between exchange and completion. So what next? Do I need to call my solicitor and ask for completion date?
Thanks for all your helps and encourage people. You all been great help...:beer:

Great stuff. Well Done. Thats the one bad part of this scheme for me is that lack of control you have in the process.... Or even just little updates e.g. you are x days away from receiving what you need.... I just feel very much in the dark with it all.

ladybird3

When I asked my EA about the completion date he said to just decide what date you wanted then ring your solicitor who then will pass this info to the vendors solicitor, from that point i think everyone just works towards that date.
Great that you're well on your way!

Solicitors are sending me final loan docs tommorow and then can exchange, will have to wait a bit though as need to cash in some money plus the postal strike AGAIN etc etc etc
Have told my solicitors that I want to exchange by 11th Sept which they seem to think will be fine, I cant wait!

hertsman2009

ozzyozzy wrote: »

In theory if co-op lent you 3.5x income - which is typical on this scheme - you would have been lent at least £150k, so you would only have needed an equity loan of only £12k - less than 20% - making you ineligible ! Maybe thats why they said that OR your O/T was not regular.........

But actually what i want to ask is: I am in the London area and I am thinking of buying in Hertfordshire, BUT i am worried when you say they only allowed you to go up to a maximum of £162K - Is this likely to be the limit in Herts ?? Because I personally may not want to buy in London, BUT would like to buy a home, 2 beds, in Herts for at least £250k. IS THIS LIKELY TO BE ACCEPTABLE BY OWNHOME FOR THE HERTS AREA ?

(I got my interview this Wednesday).

Ozzy

Ozzy, I think you're right about the multiples part.

With regard to your question regarding Herts. During your eligiblity interview they ask you which town you will be moving to, I picked Letchworth. The guy said this could be changed at a later date, but i'm not sure if the specific location you pick within your region is a factor in deciding the maximum price of a property. Could be worth asking?

There are some developers offering 10 year interest free loans on certain plots on new developments, i spoke to Miller Homes and Gladedale Homes who both did this scheme. If people can't get funding or eligiblity for Ownhome, maybe that rotue could be an option.

zoomy

The exact location makes quite a big difference - I was considering 2 different areas on the outskirts of Manchester and was given a different maximum price for each of them;)

hertsman2009

Zoomy, how long does it take between the Underwriters at the Co-Op sending back your fully approved mortgage and P4P contacting you about your funds?

(I've been using your experiences and timeline to try and predict my own. Cheers!)

zoomy

hertsman2009 wrote: »

Zoomy, how long does it take between the Underwriters at the Co-Op sending back your fully approved mortgage and P4P contacting you about your funds?

(I've been using your experiences and timeline to try and predict my own. Cheers!)

Hope I've helped!

Can't answer that one though as the day I got the final paperwork from the Co-op (11th August) I was straight on the phone to P4P to make sure they had recieved what they needed (I have a history of this not happening!). Since then I've not had any contact from P4P....

ozzyozzy

hertsman2009 wrote: »

Ozzy, I think you're right about the multiples part.

With regard to your question regarding Herts. During your eligiblity interview they ask you which town you will be moving to, I picked Letchworth. The guy said this could be changed at a later date, but i'm not sure if the specific location you pick within your region is a factor in deciding the maximum price of a property. Could be worth asking?

There are some developers offering 10 year interest free loans on certain plots on new developments, i spoke to Miller Homes and Gladedale Homes who both did this scheme. If people can't get funding or eligiblity for Ownhome, maybe that rotue could be an option.

Hi Hertsman,

By the looks of it - from 'Zoomy's' comments it does make a difference WHAT part of town you buy in. You said you were buying in Letchworth and they have offered you a maximum of £162k - this is not anywhere near enough in terms of value I want to go for. I need at least £200-£250k for a decent home in say St Albans or Rickmansworth. I dont know why they differentiate to that level for i.e. what part of a city, at the end of the day everyone has an idea location within a city BUT we all know timing is of the essence in these things, and so you would move anywhere within your city. Basically you will have to call them if you find a property in a different part of the city, To see what the max allowable is !
So by the looks of it when I have my interview tomorrow morning I better tell them where I am likely to go i.e. there are a number of locations within Herts or indeed West Essex that I like.
As for your comments about the other equity loan schemes available, the problem there is not the scheme BUT the fact you are forced into buying a newbuild. This is something i do not want and the other thing is the prices are all over-inflated. These builders take advantage as soon as you apply for say HOMEBUY DIRECT, they overprice the home and certainly will Not negotiate. The great thing about Ownhome is you are allowed to buy on the Open Market which is fantastic

Take care matey........Ozzy

ozzyozzy

zoomy wrote: »

The exact location makes quite a big difference - I was considering 2 different areas on the outskirts of Manchester and was given a different maximum price for each of them;)

Hey there, thanks a lot for your comments so it DOES matter what PART of the city you buy in then - thats what i wanted to know as I may buy in London but equally perhaps in Essex or Herts.

take care.....Ozzy