Before purchasing a property, it is common to instruct a valuer to provide an accurate valuation.
The main reason you should obtain a valuation is simply to make sure you are paying a fair price for the property.
If you have a mortgage, then on most occasions the lender will insist that a valuation report is obtained.
Negligence can occur when a Surveyor values a property higher or lower than what it is actually worth.
This will depend on whether your valuer failed to act with the reasonable skill and care expected of a competent valuer.
Valuer negligence occurs when the duty of care owed by your Valuer was breached, leading to a financial loss.
It is only natural that different valuers will have varying opinions on what a property is worth, which is where the margin of error bracket comes in to play.
The valuation must fall outside the ‘margin of error bracket,’ usually between 5% to 20%, depending on whether the property is a residential house, commercial property or has unique features.
In order to confirm negligence has occurred, you will require an independent expert report to detail the missed duty of care.
If you can prove your Valuer has been negligent and that can show the Valuer has directly caused the loss then you can claim for damages.
You will require an independent expert report to determine the exact loss.
There are various factors which need to be considered when determining if you are entitled to compensation and, if so, the amount.
We highly recommend speaking with one of our expert Valuer Negligence experts here at Specters, who will be able to provide a free initial consultation and give you a much more accurate idea of what you're entitled to and how our flexible funding options can best serve you.
There are strict time limits for bringing a claim for professional negligence against a valuer.
The time limit is usually six years from the breach of contract and/or six years from the date the damage accrues in negligence.
If you are unaware of the negligence when it occurs, you may have also had three years from when you discover the negligence.
These periods are difficult to calculate precisely and may vary from case to case – we always advise clients to contact us as soon as they suspect they may have a claim to avoid the risk of being time-barred.
Once we have assessed your claim, we can offer a number of funding options, which you can read more about on our funding page.
If you think your valuer has been negligent, please phone 0300 303 3629 to speak with a member of the team.