Purchase of overvalued property as a result of surveyors negligence and solicitors' negligence
Our clients claimed damages from their former surveyor and conveyancing solicitor. Prior to buying three buy-to-let properties the Claimants had employed a surveyor to value the properties and a solicitor to undertake the conveyancing. After completion, it became apparent that the properties had been substantially overvalued by the surveyor. We were instructed to act for the Claimants and upon further investigation discovered that the properties were overvalued by as much as 80% and that the Claimants’ solicitors had failed to advise them that the properties had been sold for less than half the price that they were paying just a few months earlier. The solicitor also failed to advise our clients about other inconsistencies that would have alerted them to the overvaluation.
We issued proceedings against the surveyor, his employer and the Claimants' former solicitors and within two months of issuing proceedings agreed a settlement of £185,000 with two of the Defendants for the Claimants' damages and costs.
Anonymous