My Choice Homebuy - views from SELLERS!

kekidaisuki

Hi all,

My fiance and I accepted an offer just over 4 weeks ago from a FTB buying through the government 'My Choice Homebuy' scheme. The buyer visited the house twice in the first week, seemed really excited about it (measuring windows and saying she'd been shopping for kitchen accessories etc) but we've heard absolutely nothing since. The mortgage side of things has apparently been approved, but the My Choice Homebuy application is taking FOREVER. Like I say, we accepted the offer over 4 weeks ago and there's still not been any mention of a survey.

I'm starting to get very worried. I understand from the buyers' threads on My Choice Homebuy that it's a long and frustrating process but still, this is getting ridiculous :mad:! Our EA has been chasing the buyer and her mortgage advisor for information, but they either don't return his calls or when he finally gets to speak to them, say there is no news. What has got us really concerned is a phone call from our solicitor today saying they've been in touch with our buyer's solicitor, and they have turned around and said they haven't received any of the contract paperwork our solicitor sent through over a month ago. They also say they haven't received a separate letter AND email that our solicitor has sent them - sounds very suspicious to me.

We feel completely in limbo and are probably the most stressed we've ever been in our lives (we're also trying to plan a wedding, which we can't enjoy at all because we're so stressed about the blummin house)! I've spoken to our EA about remarketing the property after this weekend if there is still no news about the funding application, or some tangible evidence that our buyers are serious and are doing all they can to press for progress. It really does sound to me though like they're stalling for time and have instructed their solicitor not to do any work until the My Choice Homebuy application comes through. In the current market we can't afford to keep our house off the market if a sale isn't looking viable, since we're only just hovering above negative equity as it is. It's just a rubbish, rubbish situation!!

So, does anyone else out there have experience of selling to someone using My Choice Homebuy? Any consolatory tales to share (like, is it normal to wait this long for a survey?)?? Or am I right in thinking this sale just isn't going to happen??!

Thanks in advance for your replies.

pipo

Is it not possible for your EA to impose an ultimatum on certain milestones of the sale? When we had an offer agreed by the seller recently the letter from the EA stated (in big red letters) that if a survey is not arranged within 14 days the property is going back on the market.

Hope you get all that sorted soon.

grovice

the FA ive been dealing with while trying to buy on the mychoice homebuy scheme has told me it usually takes 4 weeks but could be upto 8 weeks at the moment for the funding to come through and the mortgage application is done in tandem with this, and that the survey wont be instructed until the funds are agreed by the scheme, so all buyers on this scheme should advise the EA and vendors not to worry about a survey not being carried out as soon as it would be from a usual buyer, so dont worry, its only 4 weeks, they really should have assured you though themselves

suze_g

When you use the MyChoice homebuy scheme you are told not to pay out anything until you have been approved for funding. I imagine the buyers are as anxious as you are. I would be asked the EA to get the buyers to really chase their application.

I'm a buyer using the scheme and my approval for funding came through in about 3 days. But I had registered and was approved last year for another property (that fell through) so I didn't need to join the queue of new applicants, which really speeded things up.

Once approved though things should move quite quickly. Though it does seem that it depends on where you are.

llh189

I understand your predicament, I was buying through the scheme to, until last week when my vendor pulled out.

The process is long and frustrating, I as pre approved last year so I was just waiting for confirmation of funding but no information for weeks and weeks meant my vendor got very worried and thus pulled out.

I think the scheme does help and has some very positive benefits but the length of time it takes to get things to happened can be prohibitive unless you are very patient.

I completely understand your need to chase your purchaser but they probably can't do anything, my HA wouldn't even in the end take calls all I got was a recorded message.

In the current climate I would try and sit tight, unless of course you think that you might be able to attract other buyers.

Maybe give them another couple of weeks and the to protect yourself you could put it back on the market with the understanding that it is under offer and that you will keep your purchaser in the loop about other offers.

sontoon

Don't know whether this helps but my partner and I are trying to buy a property under this scheme. We have had an eye on a property for four months now and went through the process purely for this particular house.

We were accepted as eligable for the scheme and to provide the relevant documents which we did on the 2nd April for them to allocate the funding.

The problem with the paperwork is it is a little contradictory as in one place it says do not commit to any financial obligation at this point and in others it says you can put an offer in on houses. Problem is they still at this point haven't allocated the funding. We haven't put an offer in on the property we want purely because of not wanting to let the vendors down. Downside to this looks like we are now going to lose our future home which incidently was going to be the house we want for the rest of our lives.

When I rang on the 3rd of April they were saying 2 to 3 weeks for funding allocation as they were working on applications of the 12th March. When I rang on Monday they were saying another 3 weeks as they were working on applications of the 18th March.

I know its very frustrating for you as vendors its probably just as frustrating for your purchasers as like us they are playing a waiting game and at the mercy of an organisation that which is great to help people on the property ladder have no sense of urgency as applications are just a number.

Sorry for the long post hope it sheds some light. Good luck and hope it all works out for you

Sandra2

kekidaisuki wrote: »

Hi all,

My fiance and I accepted an offer just over 4 weeks ago from a FTB buying through the government 'My Choice Homebuy' scheme. The buyer visited the house twice in the first week, seemed really excited about it (measuring windows and saying she'd been shopping for kitchen accessories etc) but we've heard absolutely nothing since. The mortgage side of things has apparently been approved, but the My Choice Homebuy application is taking FOREVER. Like I say, we accepted the offer over 4 weeks ago and there's still not been any mention of a survey.

I'm starting to get very worried. I understand from the buyers' threads on My Choice Homebuy that it's a long and frustrating process but still, this is getting ridiculous :mad:! Our EA has been chasing the buyer and her mortgage advisor for information, but they either don't return his calls or when he finally gets to speak to them, say there is no news. What has got us really concerned is a phone call from our solicitor today saying they've been in touch with our buyer's solicitor, and they have turned around and said they haven't received any of the contract paperwork our solicitor sent through over a month ago. They also say they haven't received a separate letter AND email that our solicitor has sent them - sounds very suspicious to me.

We feel completely in limbo and are probably the most stressed we've ever been in our lives (we're also trying to plan a wedding, which we can't enjoy at all because we're so stressed about the blummin house)! I've spoken to our EA about remarketing the property after this weekend if there is still no news about the funding application, or some tangible evidence that our buyers are serious and are doing all they can to press for progress. It really does sound to me though like they're stalling for time and have instructed their solicitor not to do any work until the My Choice Homebuy application comes through. In the current market we can't afford to keep our house off the market if a sale isn't looking viable, since we're only just hovering above negative equity as it is. It's just a rubbish, rubbish situation!!

So, does anyone else out there have experience of selling to someone using My Choice Homebuy? Any consolatory tales to share (like, is it normal to wait this long for a survey?)?? Or am I right in thinking this sale just isn't going to happen??!

Thanks in advance for your replies.

Yep, we're in the same boat. We accepted an offer on our house on April 4th and here we are on the 20th May still waiting to hear if they have been approved. We have been patient so far and have been told it should only be another week until we hear. Which is great if they are approved, and rubbish if not as we'll have lost 8 weeks of marketing time and may have to lower the price too. This scheme is frustrating for everyone and I share your stress!

pawpurrs

Surely no vendor should take their house off the market,untill such a time, that the buyers have definelty got the funding if they are using this scheme, they may be FTB but they are not actually procedable ones untill the scheme has said they have been accepted.
Its madness in this market to take your house off the market untill such a time, that you know they have the money to be able to purchase.