That surveyors are back in the newspapers on account of over valuing – Telegraph article here – we’re can’t see on reading it however that the headline claim that he Housing Market has been “hit” is supported by the article or make the leap from surveyors being sued to the housing market suffering. We also note that probably the biggest chain of surveyors in the country appear to have had only 47 claims in the last 18 months. That doesn’t strike us as very many for a company that carries out ten’s of thousands of a valuations and suggests that far from vilifying surveyors valuations it vindicates their accuracy and the professional skill of their surveyors?
It is true though that professional indemnity insurance premiums for valuation work have soared due we suppose to both the risk and the potentially high level of damages that can be sought, for that reason we have never undertaken mortgage lending valuation work. In any event the big practices like Countrywide have significant resources and historic data behind them and can provide a better job for mortgage valuations than many smaller firms [and no we have no particular axe to grind for any of them we just think they do a better job at mortgage valuation than we can – our skills are best directed to specialist areas such as building surveys and defect assessment]
There is a difference though between a well meaning but flawed valuation and a straightforward case of fraud as illustrated by the “optimistic” valuation that enabled a £50m commercial mortgage fraud to progress – here
On a lighter note the opportunity to win a signed copy of Phil Spencers book “How to Buy your First Home” is here at findaproperty.com
And finally a neat little advice piece for adjoining owners about party walls and the party wall act again frm the Telegraph is here