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Valuation Fee
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Rigsby77
Posts: 1 Newbie
Our house sale recently fell through after us incurring a £406 valuation fee for the property we were interested in. The property has since been put under offer from another party and no longer available to us.
Our problem is that the first time buyers who made the offer on our property could not afford the mortgage, however they used a financial advisor at the estate agents who consistently told us that they could afford the repayments.
We were strung along by the financial advisor for over eight weeks, each time we contacted her there would be another small stumbling block - a letter needed from the buyers employer, another payslip, a P60 etc. but each time we were reassured that there were no problems.
At some point the financial advisor informed us that the mortgage had been approved and their surveyor had been instructed, we waited two weeks to find out this was not the case.
The financial advisor eventually admitted that the buyer had to change employment in order to afford the repayments, at which point he did actually change job but to another part time position with insufficient salary. At this point they withdrew their offer when we were days away from completion on our part.
Is there any legal way of claiming our valuation fee back or should we knock the £406 off our estate agent's commission giving our reason?
Our problem is that the first time buyers who made the offer on our property could not afford the mortgage, however they used a financial advisor at the estate agents who consistently told us that they could afford the repayments.
We were strung along by the financial advisor for over eight weeks, each time we contacted her there would be another small stumbling block - a letter needed from the buyers employer, another payslip, a P60 etc. but each time we were reassured that there were no problems.
At some point the financial advisor informed us that the mortgage had been approved and their surveyor had been instructed, we waited two weeks to find out this was not the case.
The financial advisor eventually admitted that the buyer had to change employment in order to afford the repayments, at which point he did actually change job but to another part time position with insufficient salary. At this point they withdrew their offer when we were days away from completion on our part.
Is there any legal way of claiming our valuation fee back or should we knock the £406 off our estate agent's commission giving our reason?
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Comments
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Neither. It's called "buying/selling houses sucks".0
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You could try complaining to the agent about there FA if only to keep your business in the future for your next buyer. Well worth trying.0
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Well, you have not sold, so no commission is due. Put the house with another agent, so your present agent gets nothing from it, and make it plain it was due to the mortgage advisor. You don't get your money back of course.Our house sale recently fell through after us incurring a £406 valuation fee for the property we were interested in. The property has since been put under offer from another party and no longer available to us. ...
Is there any legal way of claiming our valuation fee back or should we knock the £406 off our estate agent's commission giving our reason?
More and more I am coming to the view that it is not in the seller's interest for the Agent to be mortgage broker. In this case, I think if the Agent was not looking at a fat broker's fee, you would have been advised to dump this buyer.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
It sucks, but thats house buying for you.Pawpurrs x
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You won't be able to claim it back. You paid for a service which you received.0
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again i can only mirror the above comments but if you feel that annoyed over the situation, give your notice with your estate agents and then move to another company.0
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