My Experience - Thames Valley Housing Association - My Choice Homebuy Scheme

ChelseaDPM

That really does sound worrying WithoutATrace, especially as i have already paid out fees. Cant believe though there isnt a way around it, especially if panel soliciters are used throughout.

Can you explain step by step when has happened and what is expected so i can forewarn our soliciters. I know you have already explained it, but i want to make sure i cover thames valley's requirements too that they have said to you.

withoutatrace

It is like a rollercoaster! We phoned the estate agent, as we arranged to go to the property we are buying on saturday to look at some items the seller wants to leave behind and wondered if it was worth it, and he was confused to say the least. He confirmed that the seller's solicitors are happy for there to be a nil balance on exchange, and that they are just waiting to confirm that the seller fiurther up the chain is happy. And he also thinks that there is still a 50/50 chance that we will exchange tomorrow!

We were under the impression that the problem was with the seller's solicitor, who did not understand the scheme, but the estate agent says they were aware from the start and had no problem with it!

I feel physically sick, one minute we have lost the house and next it is all going ahead. To be honest I am completely confused by everything, as soon as I think I understand what is going on something else happens! I think other people will be fine so long as the solicitors to clarify what will happen from the start, just ask outright whether the seller will expect a specified deposit on exchange.

LouB06

Thats the part that has been confusing me all along!! I mentioned it to my solicitor when we started on this scheme and he said we'll worry about it when we come to it! But i'm worried already!!! The only good thing, is that the sellers solicitor is one of the mychoice homebuy panel solicitors so hopefully they should know the process!! (I hope.......)

withoutatrace

the original guide does say that you have to pay a deposit, usually 5%, on exchange, and that solicitors can use their fees to reduce the amount you need to borrow.

lellow_lorry

Can anyone tell me how long roughly it takes between the survey and completion??? Still waiting at moment for survey,although EA is confident with the whole thing going through and has now been 10 weeks since offer accepted. Thanks

Sandra2

Hi Yellow Lorry. I would get your EA to chase the survey. We are now at week 13 - accepted offer April 4th, approval came through 6th June, survey carried out 23rd June, apparently we will hear this week if we are allowed to proceed to exchange, may exchange the week after and it is then 3 weeks until completion. That will make 18 weeks in total. At least if you are 10 weeks in you are more than half way. Hopefully.

withoutatrace

aaaaaarrrghh! Thames Valley are definitely trying to make me have a nervous breakdown!! After many phone calls, emails and a lot of nail biting we eventually sorted all the legal stuff out- someone further down the chain agreed to go into rented accomodation (something to do with a problem with sitting tenants). We were all ready to exchange on Friday, everyone had done their bit- but our case worker goes home at 4 o clock every day and so it was postponed until tuesday as our seller's solicitor was not in monday. Then today, guess what? Despite all reassurances, our case worker hasn't got it signed off by the manager! And, wouldn't you just know it, Thames Valley's 'systems' just happen to be down again! She wouldn't let us speak to the manager either...The solicitors have said that if it doesn't happen today then it wont happen at all...so basically if Thames Valley dont give the nod for exchange to take place within the next two hours it is all over!

withoutatrace

Its looking more promising after a few angry calls...the approval for exchange has just been faxed to the solicitor. My poor nerves!

sueaye

I really feel for you. Part of me is glad that i am out of it all now, but still soooo cross with the way people are being lied to.Why are they so unprofessional?? It makes me so angry arggghhhh.
Anyways I have sent you a pm.

withoutatrace wrote: »

aaaaaarrrghh! Thames Valley are definitely trying to make me have a nervous breakdown!! After many phone calls, emails and a lot of nail biting we eventually sorted all the legal stuff out- someone further down the chain agreed to go into rented accomodation (something to do with a problem with sitting tenants). We were all ready to exchange on Friday, everyone had done their bit- but our case worker goes home at 4 o clock every day and so it was postponed until tuesday as our seller's solicitor was not in monday. Then today, guess what? Despite all reassurances, our case worker hasn't got it signed off by the manager! And, wouldn't you just know it, Thames Valley's 'systems' just happen to be down again! She wouldn't let us speak to the manager either...The solicitors have said that if it doesn't happen today then it wont happen at all...so basically if Thames Valley dont give the nod for exchange to take place within the next two hours it is all over!

Sandra2

Hey withoutatrace - how did it go? So sorry that it's all stressful, thanks for heads up on the time the case worker goes home and the need to have the managers approval sorted out.. We are waiting to hear if we'll exchange this week and then it's a minimum of 10 days between exchange and completion so TVH say. Hope you got to exchange!