Valuation Fee refund??

Lolalucky

Hi,

Bit of advice please. My partner is selling his commercial property and after being recommended a mortgage by his broker her went with them. It was primarily accepted and the valuation was booked in which he paid £725 for!
However after the valuation the mortgage company has come back and said sorry they do not deal with those type of commercial buildings (as it’s classed as a flying freehold).
He has to therefore go with another mortgage company that does deal with these type of buildings and have a full new valuation carried out (another £925 to pay!) does anyone have any advice on if we could get the money back for the first pointless valuation?
As surely they should have made us aware they only handle certain properties and not wait until they go out and take £725 of his money to then tell him.

Any advice would be great.

amnblog

When were the various parties aware it was a flying freehold?

Mortgage_Adviser

Did you tell your broker the property had the flying freehold and your broker then told the proposed lender?

Neutrinno

Did your partner make his broker aware it was flying freehold? If so, then the broker would be a fault for recommending an unsuitable lender in the first place.

ACG

I can not add too much to the above, but if your partner told the broker it was a flying freehold prior to the valuation being carried out I would say it is the brokers fault and down to them to sort out.

If your partner said it was freehold/leasehold or anything other than flying freehold then the fault lies with your partner or whoever gave your partner the information.

haras_nosirrah

I had one recently where client told me the property he was remortgaging was a purpose built flat not near commercial. Property was declined as it was a converted office block next to an off licence. Fortunately a free valuation but as the others have said if he was given the right information by your partner the broker is at fault, if he wasn't advised it was a flying freehold then it isn't the broker who has done wrong