Co-ownership

AWeeCuppaTea

Hi again

We had our application in Fri 9th Jan, got a text same day to say it was received.

Then a text on the 14th to phone them to pay the fee, phoned & paid it that day, then got another text that day to say the appointment was on the 21st, which I changed to 23rd.

By 26th I had the offer from them. Then had the mortgage offer by 10th Feb.

And since then I've been waiting on solicitors and vendors to sort out a completion date!! It's driving me mad lol, seems to have ground to a halt. :wall:

Mollyb

They seem to have a very quick turnaround. We submitted our application around the 3rd October(I think), had the interview on the 15th and the offer accepted on the 28th.


Like you AWeeCuppaTea ours has ground to a halt too. First completion date: 10th Feb, then 23rd Feb, then 3rd March, then 13th March, now its looking like it'll be next week sometime. I'm blaming the solicitors for faffing about for a solid month after we told them to get the conveyancing started!

AWeeCuppaTea

Mollyb wrote: »

They seem to have a very quick turnaround. We submitted our application around the 3rd October(I think), had the interview on the 15th and the offer accepted on the 28th.


Like you AWeeCuppaTea ours has ground to a halt too. First completion date: 10th Feb, then 23rd Feb, then 3rd March, then 13th March, now its looking like it'll be next week sometime. I'm blaming the solicitors for faffing about for a solid month after we told them to get the conveyancing started!

That sounds awful, poor you. So did you have to reapply for co ownership again or did they extend it? Our solicitors don't seem that bothered about getting it moving either. Strange. I was pestering them again today to get a move on. I want to be completing no later than 17th April.

saverbuyer

AWeeCuppaTea wrote: »

That sounds awful, poor you. So did you have to reapply for co ownership again or did they extend it? Our solicitors don't seem that bothered about getting it moving either. Strange. I was pestering them again today to get a move on. I want to be completing no later than 17th April.

Do you not see a theme here?


It's not your solicitor, co-ownership takes considerably longer because of the nature of the conveyance. There's an extra party compared to a standard mortgage and sale. Extra correspondence, replies needed, extra undertakings.


Their hands are tied with regards to completion dates.

Mollyb

AWeeCuppaTea: Yeah co-ownership have given us short term extensions to the offer. Even though it's them holding up the process! They've apparently now asked about a Tree Preservation Order on the site and have to check with their valuer if this affects the value of the site before they'll sign anything. Surely they should've noted the TPO when the valuer initially went out?
We seem to have no say at all in what the actual completion date will be for this process. One person tells us that the solicitor picks the date, the solicitor tells us that co-ownership pick the date. Bottom line is we're left in limbo waiting for someone to tell us a date to actually get keys handed over. So we'll have to ask for a day off at the last minute, we can't give notice on our current rental, we can't plan anything in advance. It's very frustrating.

tara747

Mollyb wrote: »

Perhaps you've misunderstood what I meant there. When I said financially sound I meant that we've no debts, I've no credit card and my OH pays his in full every month. We're both in full time employment and have never been late on any payments.
Being financially sound and being able to afford a house are not the same thing. We wanted to buy close to the in-laws as they are quite elderly but couldn't afford the area on our current wages. We had the choice to use co-ownership to increase our buying power now or else wait for 5-10 years for our wages to increase before buying outright. We chose co-ownership.

We have different definitions of financially sound, that's all.

Good luck with your purchase.

Sloan650

Anyone heard back from their recent co-ownership application?

The fee I sent in by cheque just left my bank account today, should I hear word back soon?

AWeeCuppaTea

Sloan650 wrote: »

Anyone heard back from their recent co-ownership application?

The fee I sent in by cheque just left my bank account today, should I hear word back soon?

You should hear this week I would think. Once we paid our fee it moved along quite quickly.

Co-Ownership have signed contracts etc and I complete in two weeks, very excited

Sloan650

AWeeCuppaTea wrote: »

You should hear this week I would think. Once we paid our fee it moved along quite quickly.

Co-Ownership have signed contracts etc and I complete in two weeks, very excited

Great news, congrats!

I'm just getting a wee bit impatient now lol, my house is due to be completed at the end of May so I just want to get everything going asap!

Mollyb

AWeeCuppaTea wrote: »

You should hear this week I would think. Once we paid our fee it moved along quite quickly.

Co-Ownership have signed contracts etc and I complete in two weeks, very excited

Congrats! We got word yesterday that Co-Ownership have FINALLY signed contracts for our house too. Expected completion date is now the 13th of April. Delighted.