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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 35351
Experience:  Over 5 years in practice
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We have been misadvised by a mortgage broker, We have

Customer Question

We have been misadvised by a mortgage broker
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: We have complained and the decision from the London and Country Mortgages is to find in favour of their broker
JA: Where is the property located?
Customer: Surrey
JA: Anything else you want the Lawyer to know before I connect you?
Customer: No,
Submitted: 8 days ago.
Category: Law
Expert:  F E Smith replied 8 days ago.

Good afternoon. I will assist with your question - be aware this is an email not chat service therefore i maybe delayed in replying.

how were you misadvised please?

Customer: replied 8 days ago.
I will try to be as concise as possible. Initially recommended a Halifax mortgage offer which expired on Sept 30th, one day before the completion day of Oct 1st. We could not complete any earlier due to redemption penalties. Broker did not make any arrangements to mitigate this issue until Sept 26th when he was contacted by the conveyancer. It was agreed that conveyancer would try to request fund the day before, on Sept 30th but made no guarantees of success as falls outside of normal business practice. Conveyancer did not request the funds early enough on the 30th for completion to be successful on Oct 1st. I have already dealt separately with the conveyancer on this issue and am satisfied that they are not entirely to blame. The Mortgage broker should not have presented us with an offer which would expire before completion. Also as the broker was not given any guarantee by the Conveyancer, he should have contacted the firm on the morning of the 30th to ensure that the conveyancer requested the funds. Completion failed and the offer could not be extended. The broker subsequently suggested that we remain with our current lender, HSBC but switch to a new product which had become available. We were borrowing additional funds for home improvements with the Halifax mortgage however, with this product switch, the additional funds would have to be applied for separately directly with HSBC. I was very concerned about the risk of this not being successful so I repeatedly asked if the there would be any issues with the loan and I was given every assurance that there would not be a problem. However, we were turned down for the additional borrowing. We are now in limbo as started building work we cannot complete and the Broker is not offering any solution to the situation that they have placed us in. They claim that the broker could not have anticipated that we would be turned down for the loan but he should have made us aware that we might not be accepted and not given us continual reassurances of success. We doubt he is even certified to advise on borrowing which clearly falls outside of his remit. There are more details to this case which point to professional negligence but trying to be brief at this stage.
Customer: replied 8 days ago.
I believe I have just paid £44 for a call? Has this already been charged for?
Customer: replied 8 days ago.
Are you still there?
Customer: replied 8 days ago.
I have made a complaint about your lack of service. I paid for a phone call.