Incorrect Mortgage Valuation

inmypocketnottheirs

Surely the point of the valuation is to provide the BS with an indication that the property is worth the amount of the loan.

If it is, they lend.

If it is not, they don't.

So subsequently if they lend, and it is found that due to an error on behalf of the surveyor, the property is not worth the money (due to the construction), then there must be a case against the surveyor (who will have indemnity insurance).

Has the OP spoken to the lender to ascertain if they would lend at the current amount against a concrete construction. If they would, then there is no case.

However, overwhelming all of this is the basic premise of 'caveat emptor' - buyer beware. It generally rests on the purchaser to make all relevant enquiries about what they are buying. It is, as stated above, a moot point that a valuation, not a survey was carried out, as a valuation that turns out not to be correct surely can not now be expected to protect the original surveyor from something that he/she did not foresee. Personally, I think a court is more likely to find in favour of an inexperienced member of the public, than a qualified professional (it takes 7 years to become a surveyor - longer than it takes to become a GP).

Has the OP had proper professional advice from a solicitor?

ms_fashionista

I have written a letter to B of S expressing my concerns and I am awaiting a letter of response (they have confirmed they are responding in writing to my letter). I have spoken to my solicitor who was dealing with the sale of my property and he forwarded all the details to someone else that deals with litigation side of things. His response was that we would have to meet to discuss (at a rate of £180 ph).

Thought I'd see how I got on first before forking out money I don't have.

dunstonh

I dont know how the solicitor can do anything about though. The simple valuation report is not for your benefit. Some lenders dont even let you see the report.

The bank lent the money and regardless of the state of the property, the construction or it's current market value, you still owe what you owe. Nothing is going to change that.

Its not a lot different to the 90s when people found themselves in negative equity because the of the house had gone down. Or perhaps a property that was satisfactory at the start but fell into disrepair and no longer worth what it was.

It may be worth a consultation with a different solicitor. Usually the first 30 minutes dont cost and a good solicitor wont waste your or their time if they feel you have no case.