Landlords with properties in several developments in Manchester and Chester can contact the Financial Claims Centre, based in Manchester, who take on professional negligence claims against valuers.
Many cases tackled by the firm involve property clubs or ‘below market value’ properties that advertised some form of purchase price discount.
The developments with over valuation cases in progress with the Financial Claims Centre are:
- Rivercity, Manchester
- Sportscity, Manchester
- Stonecraft Court, Manchester
- Sorting Office, Manchester
- Vantage Quay, Manchester
- The Wharf, Chester
Property investors who feel they have lost out by putting money in to over valued property are sup[ported by two court cases.
One in the House of Lords that found that a surveyor was not responsible for a fall in the property market but is responsible for any losses attributable to the valuation. This was pursued by a mortgage lender.
An important case for property investors is Scullian v Bank of Scotland, from April 2010, that found even if the investor did not instruct the valuation but relied on figures supplied by a lender’s market valuation, the surveyor still had a duty of care and is still responsible for losses deriving from decisions based on the valuation.
