Surveyors under pressure from lenders over high valuations

Bradford and Bingley alongside some other major BTL lenders are going after surveyors who they perceive to have over-valued properties during the property boom.

Surveyors are receiving letters from lenders informing them that they have made a sale on a property at a much lower value than the original valuation from the surveyor, and therefore are investigating the validity of the original property valuation.

A spokesman for Bradford & Bingley said: “We from time to time discover cases where we feel there is evidence of valuers’ negligence.”

Surveyors are then forced into having to inform their PI insurer of the claim which then may lead to increased premiums.

Probably about time too, after some very poor practice from certain surveyors.

Read more in the Times

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