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Unfair brokering, is it possible?
Comments
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Yes, suppose he should have known, or Cov should have picked it up on the form / valuer noticed before writing the report - if declared
BUT
Did you know it was ex council?
who filled the form ?
page 8 , sect 6 covers this point
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Many years back ( before it was on the form) I fell foul to this condition- ( nice block- even agents did not know it was ex council) seem to remember between Cov BS and myself we covered the lost feesAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
Ask broker to pay it back to you, or you may seek redress through the Financial Services Compensation Scheme.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
or you may seek redress through the Financial Services Compensation Scheme.
Nope, it wouldnt be them.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 -
Not now that Mortgages are Regulated under the FSA?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Fairdo,
no - Duns correct it the intermediary ( or his principal) that deals with these issues in first instance, only if the FSA regulated firm is no longer in business would the FSCS possibly come into playAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
We didn't know it was ex-council and we actually didn't care about it because we applied through broker (he filled aplication). We thought he should know better. Now not only we lost £200, we also lost two weeks of valuable time.0
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If you did not know the property was ex-local authority, how would the broker know? I do not think you can blame him for this mistake. I think you will have to put this down to experience and make sure you ask the selling agent for all information - as if this was not made clear to you at the outset by the agent you could try and claim the money back from them under the Property Misrepresentation Act (if memory serves me correctly) - as this should be disclosed on the property details.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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I have to agree. The broker wouldn't know something unless you tell him/her. If you didn't know, how would you expect them to know?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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Yes I do understand, but the thing is broker is from the same estate agency which is dealing with the property.0
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Doesnt mean that he is employed by the estate agency. It may be a introducer agreement or different company within the main brand company. If the latter, then personal details are not allowed to be shared except contact details when appointment made.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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