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key worker buyer approved
john85
Posts: 9 Forumite
Some advice on key worker buyers would be very much appreciated.
We accepted on offer on our house from someone who was buying under the key worker scheme. This was quite some time ago, and we had basically given up on this going to completion, particularly after seeing the problems other people have reported here with this scheme. So recently we accepted a new, higher offer from someone who had a large cash deposit, and they have had there survey done already.
Sods law, the key worker offer comes through a few days later, they have been approved and money is released (we are told, and we do believe it). They are now pleading with us to take their offer and will match the new offer with cash. I know if they loose this they have to re-apply and now have almost no chance to get on the scheme again this year.
The thing is, I have been told they have to get 2 surveys, one for the main mortgage and one for the key worker scheme loan, neither are arranged yet. The new buyer should be good to go in a few days. I feel for the key workers but we have been trying to sell for a long time and I don't want to loose the (almost) definite offer we do have.
Has anyone sold to key workers, do they need 2 surveys?: And how much longer would it take to go to completion - it has taken them ages to get to this point and I am afraid if we do go with them we will end up loosing both offers. I'm not interested in playing them off against one another, I just want to do the right thing for them and for us.
We accepted on offer on our house from someone who was buying under the key worker scheme. This was quite some time ago, and we had basically given up on this going to completion, particularly after seeing the problems other people have reported here with this scheme. So recently we accepted a new, higher offer from someone who had a large cash deposit, and they have had there survey done already.
Sods law, the key worker offer comes through a few days later, they have been approved and money is released (we are told, and we do believe it). They are now pleading with us to take their offer and will match the new offer with cash. I know if they loose this they have to re-apply and now have almost no chance to get on the scheme again this year.
The thing is, I have been told they have to get 2 surveys, one for the main mortgage and one for the key worker scheme loan, neither are arranged yet. The new buyer should be good to go in a few days. I feel for the key workers but we have been trying to sell for a long time and I don't want to loose the (almost) definite offer we do have.
Has anyone sold to key workers, do they need 2 surveys?: And how much longer would it take to go to completion - it has taken them ages to get to this point and I am afraid if we do go with them we will end up loosing both offers. I'm not interested in playing them off against one another, I just want to do the right thing for them and for us.
0
Comments
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we were on the other end of this last year, and as tough as it is i'm afraid i would go with the safest option.
all these schemes just have so many hurdles that its like winning a willy wonka golden ticket if you eventually end up with a house.:grouphug:
no wonder he has a smile on his face...0 -
We have been trying to buy with the same scheme as ftb but although our offer was accepted we let our vendors keep the property on the market as it is so unlikely we get the funding. So if they get another offer they should accept it. I understand that they should do as it is in their best interest rather that rely on this rubbish scheme. Thats why we ended up at square one in our 2 bed and having to explore other options. Go with the cash buyer, I'd tell my vendor to do the same.0
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