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TaxRobin
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Hi, Do I have to pay the financial advisor their fee even if

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Hi, Do I have to pay the financial advisor their fee even if the mortgage does not complete.
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello,
There are many fees associated with a mortgage. Some are refunded some are not.
Charges and fees relating to the advice service provided by your Financial Adviser or Mortgage Broker are set upfront. Before you receive any advice you should receive a "Key Facts about our services" document which will provide information on the fees charged. These fees are paid and would not be refunded unless the agreement stated such.
The Booking Fee, sometimes also called an Application Fee. Not usually refunded.
Completion Fee, if you are declined or decide not to proceed, you can normally get this fee refunded.
If your mortgage application is declined or cancelled before the valuation takes place, you've a good chance of getting your money back (although you may not get your Valuation Administration Fee back if you've paid one). If however, you're declined or you cancel after the valuation, it's unlikely you'll get your money back.
A fee a lender will charge you for dealing with administration costs, refund depends on when the application was declined or cancelled. If the lender has done some work liaising with the surveyor to do a valuation for instance, you may not get this money back.
Mortgage Account fee usually is refunded, if you've paid this upfront.

Customer: replied 2 years ago.

Hello, I am sorry but I specifically asked about the financial advisors fee only. I expect to loose the mortgage companies booking fee plus other application fees. The financial advisor I used had a fee of £299 for her services which had nothing to do with the mortgage lender they would have paid also if the mortgage had completed. The financial advisors fee would have been paid by the solicitor had the mortgage completed. I have not paid this fee to date and wanted to know whether I was legally bound to pay this bill. I have bought a fair number of properties over the years and this is the first time that I have been pestered for the financial advisors fee. In fact only last year I was helping my children purchase a house which fell through the advisors fee was not asked for or paid.

Expert:  TaxRobin replied 2 years ago.
Hello,
Sorry if you missed the response but my first sentence addressed the financial advisor fee.
I advised, the financial advisor fee is generally set up front. You should have been presented with an agreement that stipulated their fee upfront.
The rules on fees for financial advice changed from December 2012. If you are looking for general financial planning advice or for advice on buying particular investments you will pay a fee. Advisers must be clear upfront about what their fees are and agree with you in advance how you will pay them.
In the past many advisors were paid a commission on a sale but now that is different.
The advisor fee and payment is not contingent on the sale.
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