KeyHomes East - Mychoice Homebuy scheme

rhi0602

Laureena wrote: »

I have today been advised the KHE have stopped all the funding now, which means we have no other way of buying a house.

It's either renting and never buying or living our married life with our parents!! :mad:

I have no idea what to do any more it really sucks

I have heard that there is no complaints procedure for KHE and I have searched and searched their website and there is no other way of contacting other than by their postal address, email or phone call.

I have sent a complaint by email but not sure if it'll get anywhere, our mortgage advisor also heard that other people she was dealing with were going to approach their MP's and complain as well as the local press/media.
Our mortgage advisor/IFA is as annoyed with the scheme as we are. So much so, she has told us that she is no longer going to deal with KHE.

I don't think they or the government are going to get much good press out of this.

I feel so let down

Hi, where abouts do you live?

You could always contact watchdog, the bbc programme? I know quite a few people from this forum have done that, me included, as if they get enough people complaining they usually look into it. I have also contacted my local MP to ask him to look into what this shambles of a company is doing with government funds!

Heartbreaking isnt it... its not the first time its happened to us tho, we have missed out on 2 ideal houses now

jondh98

Dear All, I am one of the vendors who posted here a few pages back. As you will probably guess our purchasers have not been allocated funding. We accepted an offer from them on 12 March and 2 months later and one lost house we are slightly annoyed to find out that funding has not been given to them. I sympathise with our purchasers too as they are due to have a baby in ten days time! I appreciate it is not our purchasers fault, unfortunately we will not be accepting any offers from people who are looking to use a scheme to fund their deposit. The scheme is a shambles, the criteria too loose, and gives purchasers and vendors false hopes. I think it may have been me that initially suggested reporting this to watchdog. I shall be following this avenue again to make another complaint, not that it helps but it helps me to vent my frustations. Good luck to purchasers and vendors alike with your sales or purchases.

dosharoonie

Another forum user mentioned that there was a programme on Radio 4 on Thursday concerning this issue. As a new user I cannot post the link but its on the bbc.co.uk website and is the You and Yours programme on Thursday 14th May at 12.00pm. Its worth a listen. The discussion starts about 14 minutes into the show.

I too have been affected by the lack of organisation with Key Homes East. My poor buyers have been told that they will not have funding now and so are trying to find other means of purchasing my house. I know they were very keen to buy so this is a big disappointment for them.

From my own point of view, we reserved a new build property with Matthew Homes who insisted that we must exchange contracts within 28 days (they were willing to extend this time in the knowledge that our buyers were waiting for funding through Key Homes)! Because of this, I was forced to start the legal process and have wasted money on solicitors fees and searches. I was about to send off £999 in respect of the booking fee for my mortgage as this was a requiremet for exchange to take place but thank goodness I didn't.

I agree, Key Homes East should keep buyers more fully informed. Buying a home is stressful enough without them adding to the stress. And to go through the process and be so close to the end its particularly disappointing. I bet some buyers wish they had never heard of this scheme.




Lets hope something is done about it.

satu76

bbc.co.uk/iplayer/episode/b00k81ff/You_and_Yours_14_05_2009/

link for the radio 4. Discussion starts 15 minutes into the programme.

It is worth listenning. It would appear that there is new funding available next week but this has been already been spent for those people in 'the advanced stages' of this joke of a process! So if you didn't get a letter confirming the funding this is not likely to help you!

Also they did say that for every 2500 applications only 50 are approved and so far only 3000 grants have been given out. The resources just are not there - shame that we were not told this before starting the process of involving people wanting to sell their house - this was never going to happen. It would be fair to say that KHE are putting people through this just for the sake of it.

hewitt753

Very interesting discussion, although it all depends on what they class as 'advanced stages'?

charliebro

Accepted an offer on our house 14th March, assured by estate agent we were 99.9% sold, our property noted on Right Move as sold subject to contract. Waited 9 weeks for our buyers funding and now find out they did not get it. Can't believe that KHE are allowed to be so inefficient and unhelpful. These days it does not matter whether you're in private or public sector everyone should be accountable for their shortcomings. Watchdog a good idea, I will be contacting them too. Also lost the house we were going to move to. It does put you off accepting offers in future from people on this scheme. Feel sorry for everyone involved.:mad:

amy*6

We received the letter saying there was no more funding for My Choice Home Buy today, very disappointed but more so because of the stupid loops you have to jump through & complete lack of care from Key Home East.

Therefore, I have contacted Watchdog & also sent this letter to my local MP in the hope that they will reconsider the method of these schemes in order to not ket the buyer & the vendor down! It went like this (and yes, ok it was a little snotty!!).

Dear Rt Hon John Gummer,
I was bitterly disappointed today to receive a letter from Key Homes-East regarding the funding running out for the government led scheme, My Choice Homebuy which we had applied for. Keen to get on the property ladder (which I believe is what the government is trying to enourage due to the economic climate at present) we applied for this scheme over 2 months ago when it first got funding, only to find there isn't enough money to go around. Further to this, in order to submit stage 2 of our application we had to make an offer on a house, now we have to let the vendor down which seems incredibly unfair on them. key Homes East have refused to update anyone on how their application is going & I believe that for a situation like this it is radiculous. They are causing a lot of problems in the housing market & eventually vendors will not accept offers for properties from those who are using this scheme. I believe the government need's to rethink it's approach to this & offer first time buyers something which will actually work, how are we supposed to maintain the rental property market & save for a 15% deposit also in order to boost property buying? We work, we claim no benefits (or expenses!) & yet seem to be able to have less help than those who do nothing, please consider how helping those people with the potential to boost the economy may actually be more beneficial than ignoring them!
Thank you for your time, I have emailed Key Homes East also however, have received no reply (I believe this is very bad business practice), I hope that maybe in the future we will have the support to buy a home.

I hope some of you guys have had more success!;)

Sandra2

jondh98 wrote: »

Dear All, I am one of the vendors who posted here a few pages back. As you will probably guess our purchasers have not been allocated funding. We accepted an offer from them on 12 March and 2 months later and one lost house we are slightly annoyed to find out that funding has not been given to them. I sympathise with our purchasers too as they are due to have a baby in ten days time! I appreciate it is not our purchasers fault, unfortunately we will not be accepting any offers from people who are looking to use a scheme to fund their deposit. The scheme is a shambles, the criteria too loose, and gives purchasers and vendors false hopes. I think it may have been me that initially suggested reporting this to watchdog. I shall be following this avenue again to make another complaint, not that it helps but it helps me to vent my frustations. Good luck to purchasers and vendors alike with your sales or purchases.

I am a vendor who sold in April to buyers using this scheme through Thames Valley Housing so found this thread very interesting as well - it appears all these schemes across the country are in the same mess. It is so unfair on everyone - we also will not be accepting offers from people using this scheme anymore. I hope that if enough of us write to Watchdog and our MP's perhaps our concerns might be voiced. This has caused no end of stress to our buyers, ourselves, the people we are hoping to buy from - what a waste of everyone's time and money. Good luck to everyone trying to move.....

LouB06

This is interesting, as I was under the impression that the property had to be in vacant possession.

We have had an offer accepted on a new build apartment, and all we looked at when viewing was new builds as we understood from the pack that got sent from the homebuy scheme that it had to be vacant.

It must be frustrating being the seller in a chain when you are waiting for someone on this scheme. It would make sense to make sure they are all vacant possession as these are all the problems that will arise from people on these schemes purchasing properties with onward chains!

gemma7wayne

The new build scheme is a different scheme and still has money as this is the scheme i am going thru and know 3 people who have bought with it with no problems at all. Is it not possible to see if there are these schemes in your area.