Gov Home ownership scheme

Mr_P_5

Hi,

Wonder if someone could help. I'v offered on a house i am looking to buy and am competing with someone else to get it :mad: they have offered slightly more than me but they would be buying it though the Gov home ownership scheme

- just wondered, am in better position as have sold my house to cash buyer who wants me to move yesterday and i am just borrowing a little bit more on my current mortgage which is agreed. i don't know anything about this scheme but does it take a while to sort out? the homeowner also needs to move quick otherwise faces reposesion

thanks

Wickedkitten

If you had completed on your sale already I'd say yes

Mr_P_5

We accepted the offer 2 weeks ago... the owner of the house were trying to buy is a nightmare... doesn't answer phone/call EA when should do so i think he will get it repo'd and we will be stuck.. will be sad if the bank gets the house and we loose out to it because of him!!!

like i say our buyer would move today if we had somewhere sorted!

Mr_P_5

is it a long process to get funds from the homebuyers scheme?

Wickedkitten

Mr_P wrote: »

is it a long process to get funds from the homebuyers scheme?

Depends on the area from what people have been saying on the boards. Some of the schemes have a backlog of weeks just for the applications and then they have to apply for funding and all sorts so you may well be in. Good Luck.

ILW

Mr_P wrote: »

We accepted the offer 2 weeks ago... the owner of the house were trying to buy is a nightmare... doesn't answer phone/call EA when should do so i think he will get it repo'd and we will be stuck.. will be sad if the bank gets the house and we loose out to it because of him!!!

like i say our buyer would move today if we had somewhere sorted!

Does not sound as if the seller considers it as desparate as you do.

Mr_P_5

ILW wrote: »

Does not sound as if the seller considers it as desparate as you do.

think your right... that is my worry!! - will have to wait and see, sounds like our offer should be more appealing.. a couple of thousand difference should mean we are in a strong position... would be a shame after selling ours etc to have to pull out of it and loose to a bank.. mind you i would have thought that the bank would rather him sell it and they get paid off in full?!