I purchased a 3bed semi 3yrs ago & the valuation report identified the property being constructed of bricks & render. The property is up for sale now & have had a lot of interest. Within 2wks I agreed an offer by an investor as I wanted a quick sale. When he had his survey it came to light that the property is in fact a Wimpey No fines concrete build NOT brick. My buyer pulled out of the sale as his mortgage lender does not mortgage concrete buildings. I am now having problems finding a buyer willing to pay the same amount as my original buyer. Has anyone had a similar experience or can someone advise if it is possible to be compensated by the surveyors that originally did the valuation report as if I do take up the offer made by new interested parties it would be £3-5k less than the original sale price & I will have also accrued extra mortgage payments due to the inconvenience of putting the property back on the market.
2007-05-04 00:55:33 · 6 answers · asked by sweetp 2 in Business & Finance ➔ Renting & Real Estate
Firstly, the surveyor was negligent.
If the inspection was on behalf of the mortgage lender, even though you probably paid for the report, the duty of care is to the lender.
The best re-course is for you to place a formal complaint with the surveying firm (every RICS firm has a Complaints Procedure). All RICS firms are insured so if the negligence is plainly obvious they should want to settle without any fuss. Th run-off insurance usually lasts for at least 7 years so you will be fully entitled to claim.
If you have no joy take the complaint to the RICS themselves (rics.org.uk). You should also ask your mortgage company to investigate further as they will have more weight to win compensation if your complaint to the firm meets a brick wall. If your mortgage company is successful then the loan amount should be reduced proportionately.
You may consider getting an independent report anyway to support your complaint - the more weight you can add from the start the better. Add the costs onto your claim!
This is a perfect example of why buyers should always commission an independent Homebuyers Report or Building Survey rather than relying on the basic information a mortgage valuation provides. Make sure you do so when you next buy.
I am a chartered surveyor and the reason why the reports 'are worth the paper they're written on' is because there is always recourse if problems arise. Valuations and reports are always subject to the surveyors opinion on that day - but a fundamental fault such as yours should not happen. Good luck. PM me at tickeverybox.com/forums if you have any other questions.
2007-05-04 04:12:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
First off, if the original Valuation was for your Mortgage lender (quite likely) then you have no come-back - even if you paid for the valuation, the 'report' is the property of the Mortgage lender.
Even if you commissioned it for yourself, check the small print - 'valuations' are often not worth the paper they are printed on ....
If, on the other hand, you had a full Survey, you may have some chance of claiming negligence against the Surveyor ..dig out the paperwork & talk to your Soliciotor.
2007-05-04 02:13:02 · answer #2 · answered by Steve B 7 · 0⤊ 0⤋
If the original vendor was honest you would have been told the proper construction was concrete and un-mortgagable. I walked away from a similar property in January which was up for auction but was advertised specifically as a cash sale only. The people who looked round the place were equally unhappy as me as we only found out about the construction when we got there.
2007-05-04 01:01:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Well, if they(seller) hid Latent Defects they can be liable, check your local laws about LATENT DEFECTS. You may have had a Property Condition Disclosure and if it wasnt listed you are covered...also the Inspector (if an inspection was done ) may be liable if he didn't catch it on his report...do your investigation and proceed. If you would not have bought the prop bc of these defects you may have a case....Keep in mind that most cracks happen b/c of the building may have "settled"
2016-04-01 08:02:22 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Your surveyor has given you an incorrect report, seek legal advice, your surveyor should be held responsible.
2007-05-04 01:17:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you have the necassary documentation and can find the original valuer go for it sue them for everything you have lost and a bit more for the stress and inconvenience. ~~
2007-05-04 01:03:44 · answer #6 · answered by burning brightly 7 · 0⤊ 0⤋