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Mortgage Valuation Fees - can I claim the difference back?
Toffee_3
Posts: 10 Forumite
Hi
When I completed an application for a re-mortgage I was asked for an estimated property value. I gave £205,000 as this was a recent Estate Agent valuation. The mortgage company's surveyor valued it at £195,000.
I don't have aproblem with his valuation, however, one of the fee thresholds for valuations with the mortgage company is £200k - which means I've been charged £60 more for my valuation than I would have been if I had given my estimated value as £199k or less.
I wasn't told there were different fee bands, and I wasn't told that I was so close to a threshold. I've double checked all the paperwork I was given and there's nothing on there. I would have adjusted my estimate accordingly had I been made aware!
I've queried this and been told that they take the estimated value as what they charge against and will not refund the difference. I think they can only do this if they make it clear what the fee thresholds and fee charges are before they ask you for an estimated value.
Does anyone else have any experience of this and made a successful complaint to get the difference back? Here's hoping...
Ta!
When I completed an application for a re-mortgage I was asked for an estimated property value. I gave £205,000 as this was a recent Estate Agent valuation. The mortgage company's surveyor valued it at £195,000.
I don't have aproblem with his valuation, however, one of the fee thresholds for valuations with the mortgage company is £200k - which means I've been charged £60 more for my valuation than I would have been if I had given my estimated value as £199k or less.
I wasn't told there were different fee bands, and I wasn't told that I was so close to a threshold. I've double checked all the paperwork I was given and there's nothing on there. I would have adjusted my estimate accordingly had I been made aware!
I've queried this and been told that they take the estimated value as what they charge against and will not refund the difference. I think they can only do this if they make it clear what the fee thresholds and fee charges are before they ask you for an estimated value.
Does anyone else have any experience of this and made a successful complaint to get the difference back? Here's hoping...
Ta!
0
Comments
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But the fact is that you gave the valuation of £205,000 and paid for the valuation on that basis.
You cannot claim back the difference.0 -
Depends on the lender / valuer.
My view is that you should see a refund.
Ask nicely and see what happens.0 -
Was the mortgage sold under advice or was it sold with you making the choices?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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