What legal rights do I have to a refund of my valuation fee?

kingstreet

I think you'll find those of us who answered thought it a good idea to ask questions to investigate the position, rather than make a sweeping and uninformed statement that "of course you should have your money refunded". However satisfying that may have been.

Many of us also have other things to do and don't spend 24/7 on here.

Having studied your answers, on the face of it, this appears to be a case PBS should not have accepted in the first place, prior to the expenditure on fees and had you been my client I would;-

- have investigated fully the likelihood of acceptance, prior to application
- be completely unsatisfied if fees were spent unnecessarily after I had made that effort to obtain an answer which was later revoked.

In my opinion, you frame a formal letter of complaint and address it to the Compliance Director. You allow PBS the accepted eight week period to investigate and you threaten to and do escalate to FOS if a refund is not forthcoming.

I would point out that this response is based on my understanding of the position, as you have set it out.

dunstonh

So no one's actually going to give any help or advice in relation to getting the valuation fees refunded. The fee was paid directly to Principality for a service that was mis sold.

The answers given have been correct and sensible and are looking to the root cause. A non-refundable fee for a service that has been carried out is not going to be refunded on a whim. Fault needs to be looked at.

If the lender would not have agreed the terms with the second charge irrespective of anything else and the lender was aware of this from the start then you have a good complaint reason and you should make your complaint (forget court as that would be a silly expense and not required).

However, if the lender would still have lent with the second charge but are refusing due to the lack of a deed of postponement then you do not have a good complaint reason. The fault would then lie with you or your solicitor.

Knowing why something has happened aids you in a complaint. Otherwise firing off on a scattergun approach will usually result in a lot of time wasted and less chance of success.

ldare2000

CASE UPDATE 2/1/14

This update is for the attention of those who may stumble across this via a google search.

1) It's worth noting most of the postings/replies on here are by those who have very little understanding of either your situation, the law and maybe just replying to boost their egos.

2) I was missold a mortgage product as it was not made clear the fees were nonrefunable if the mortgage provider pulled out. As a result I complained and was not only offered a full refund of all fees paid but also offered a huge (and unexpected) compensation payment.

3) The company with the 2nd charge on the house will allow me to remortgage and remain the 2nd charge - so please ignore any posting above from those who have added no value to this. The issue was the the company with the 2nd charge require repayment of £24,000 within 5 years and the Principality senior underwriter felt there was a high risk that this debt would not be repaid on time and this may cause their products repayments to be defaulted.

4) As it happens Santander managed to come up with a deal far better with no upfront fees.

5) My advise to anyone is to find a company who wants your business and if they are asking for fees upfront this may be to deter you!!

6) A "real IFA" looked (at no cost) at my case and paperwork and straight away said "You'll get your fees refunded - may just take time".

Thanks
Lou

gazfocus

ldare2000 wrote: »

...

1) It's worth noting most of the postings/replies on here are by those who have very little understanding of either your situation, the law and maybe just replying to boost their egos.

I'll tell you what...Don't bother using this forum in future if that's how you feel.

As was said before, the other posters were asking questions to try to understand why the mortgage offer was withdrawn. How does that boost peoples ego?

Just because you didn't get the answers you wanted on here (without giving all the facts), you take a dislike to the very people that are trying to help you!

Shame on you!!

dunstonh

1) It's worth noting most of the postings/replies on here are by those who have very little understanding of either your situation, the law and maybe just replying to boost their egos.

You are partly correct. We only know what people tell us. If we dont get the full story, we wont be able to give accurate advice. However, it has nothing to do with egoes.

You failed to give the information requested. Instead you picked and chose bits to answer and ignored others and then went on to having a go at people. Those posters then decided to cease helping you and your thread died with no advice given on what should be done.

opinions4u

ldare2000 wrote: »

CASE UPDATE 2/1/14

This update is for the attention of those who may stumble across this via a google search.

1) It's worth noting most of the postings/replies on here are by those who have very little understanding of either your situation, the law and maybe just replying to boost their egos.

2) I was missold a mortgage product as it was not made clear the fees were nonrefunable if the mortgage provider pulled out. As a result I complained and was not only offered a full refund of all fees paid but also offered a huge (and unexpected) compensation payment.

3) The company with the 2nd charge on the house will allow me to remortgage and remain the 2nd charge - so please ignore any posting above from those who have added no value to this. The issue was the the company with the 2nd charge require repayment of £24,000 within 5 years and the Principality senior underwriter felt there was a high risk that this debt would not be repaid on time and this may cause their products repayments to be defaulted.

4) As it happens Santander managed to come up with a deal far better with no upfront fees.

5) My advise to anyone is to find a company who wants your business and if they are asking for fees upfront this may be to deter you!!

6) A "real IFA" looked (at no cost) at my case and paperwork and straight away said "You'll get your fees refunded - may just take time".

Thanks
Lou

If you'd given straight answers to straight questions earlier in the thread you'd have found yourself getting clear answers to your query.

Silly person.

ethank

This is really rude. You have come here for free advice. People have taken the time to respond to your queries.

If you not interested in receiving other people's opinions. Don't ask in the first place!

R_P_W

ldare2000 wrote: »

CASE UPDATE 2/1/14

This update is for the attention of those who may stumble across this via a google search.

1) It's worth noting most of the postings/replies on here are by those who have very little understanding of either your situation, the law and maybe just replying to boost their egos.

2) I was missold a mortgage product as it was not made clear the fees were nonrefunable if the mortgage provider pulled out. As a result I complained and was not only offered a full refund of all fees paid but also offered a huge (and unexpected) compensation payment.

3) The company with the 2nd charge on the house will allow me to remortgage and remain the 2nd charge - so please ignore any posting above from those who have added no value to this. The issue was the the company with the 2nd charge require repayment of £24,000 within 5 years and the Principality senior underwriter felt there was a high risk that this debt would not be repaid on time and this may cause their products repayments to be defaulted.

4) As it happens Santander managed to come up with a deal far better with no upfront fees.

5) My advise to anyone is to find a company who wants your business and if they are asking for fees upfront this may be to deter you!!

6) A "real IFA" looked (at no cost) at my case and paperwork and straight away said "You'll get your fees refunded - may just take time".

Thanks
Lou

What was this HUGE compensation payment you received? Good for you!

chanz4

R_P_W wrote: »

What was this HUGE compensation payment you received? Good for you!

£250 max is my guess, but that is on the average complaint and I am guessing

fewcloudy

ldare2000 wrote: »

CASE UPDATE 2/1/14

This update is for the attention of those who may stumble across this via a google search.

1) It's worth noting most of the postings/replies on here are by those who have very little understanding of either your situation, the law and maybe just replying to boost their egos.

2) I was missold a mortgage product as it was not made clear the fees were nonrefunable if the mortgage provider pulled out. As a result I complained and was not only offered a full refund of all fees paid but also offered a huge (and unexpected) compensation payment.

3) The company with the 2nd charge on the house will allow me to remortgage and remain the 2nd charge - so please ignore any posting above from those who have added no value to this. The issue was the the company with the 2nd charge require repayment of £24,000 within 5 years and the Principality senior underwriter felt there was a high risk that this debt would not be repaid on time and this may cause their products repayments to be defaulted.

4) As it happens Santander managed to come up with a deal far better with no upfront fees.

5) My advise to anyone is to find a company who wants your business and if they are asking for fees upfront this may be to deter you!!

6) A "real IFA" looked (at no cost) at my case and paperwork and straight away said "You'll get your fees refunded - may just take time".

Thanks
Lou

The level of immaturity shown in that post would make me question your ability to deal with even the most basic life issues, never mind hold down a mortgage. Quite incredible.