KeyHomes East - Mychoice Homebuy scheme

in_the_sand

I was selling my property to a family awaiting KHE funding, as instructed by the estate agent we both allocated solicitors. It was only at the stage of my solicitor sending out the contract to my buyers solicitor that I received a note saying that the KHE applicant would not proceed with anything until funding was confirmed. Now, I was under the impression that the applicant had funding and after 9 weeks of waiting I was told last week that the funding had been denied to my purchaser. As a result I have to pay solicitors fees on both the house I wanted to purchase (which I have now lost) and also on the sale of my home. I do not have lots of money, I am extremely disappointed. Any scheme which helps people purchase property is great, but this way of doing it is not! Perhaps allocating actual money to people before they go and commence looking for houses and putting in offers would be a better idea! Then they know what they are getting, what they can afford and then we would all be happy.

Or perhaps we can try submitting an expenses claim for mortgage deposits.

Good luck everyone.. Onwards and Upwards...

satu76

They have nothing to charge you a fee if you have not signed anything. they can't make you, and also i would make a point of not ever using them again! Would tell them that too. No reputable establishment would dream of doing that!

monkey23_2

Today i had my dreams shattered again.
We had just missed out on funding a few weeks ago like many others of you. I cried alot, but picked myself up and am looking at rental options as this scheme was my last hope of buying at the moment.
Today i received a call saying that someones who was allocated money couldnt complete their purchase, so their funding was available if i wanted it, but only if the original house i submitted my offer on was still available.
Suprise suprise it wasnt. It is sold subject to contract.
So once again i missed out. They insisted i call back immediately as they are going down the list to allocate this money to the lucky person who's submitted home hasn't been sold yet.
Hope this is you and your dreams of owning a home can finally come true.

They need to change this scheme and allocate the money before you find a home, that way buyers and sellers are not left hanging on and having their dreams shattered.

sontoon

Monkey23, I totally agree with you "They need to change this scheme and allocate the money before you find a home, that way buyers and sellers are not left hanging on and having their dreams shattered" we had exactly the same happen to us today. We hadn't put an offer in on the property until we'd had it in writing that funding was available. We found out 6 hours later the house that has a sold board up outside has actually fallen through today and not sold..... completely gutted.

What I can't understand is that if funding is now available in this way, why on earth does it matter what house. My other half told them we had our eyes on about 8 other houses (being as we are waiting to hear from Ownhome) and that we could look round and put an offer in on one of those but they weren't having a bar of it. The best of it is is the other houses we are looking at have actually dropped in price as well so they could possibly allocate 1 lot of funding that had been available, to possibly 2 applications. Its enough to make you scream!!!!

On the other side will vendors really actually deal with us, due to the bad publicity of KeyHomes East anyway

satu76

Our vendors would not as the solicitor advised them otherwise! Can't blame them really as in the same situtation i would have done the same.

We had the call sometime last week and yes same story all over again! I argued the point about the houses too, There was another house, excatly the same as the one with details submitted, on the same street for the same price - only difference being a number on the door but KHE would not have any of it!

We are better off without KHE anyway. Who would really want to be dealing with them everytime you want to do something to your house or remortgage?!