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Monday, May 10, 2010

RICS surveyor over valuations

A surveying company used by the major BTL mortgage lenders has been accused of massive over valuations on investment properties in Sheffield.

The RICS-approved surveyors, Lexicon Surveying Services are now in administration.

They have been accused by property investors of massive over valuations on both property values and rental values.

The most extreme case was on a property they valued at £325,000 in December 2007, that was later revalued by independent surveyor Hale Saunders as having been worth just £165,000 at the time of purchase.

Property investors have been left in severe financial distress.

This continues to support our over worn mantra.......research, research, research!

Read the full article on this here

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Anonymous said...

Great mantra. But for newbie investors, the fact that your are dealing with an FSA broker, Law Society solicitor, a RICS registered surveyor and a high street bank such as BoS, it seems to suggest that if the deal gets to the point where it's 'sign here please', that all the 'professionals' think it's dandy, so let's rock and roll. As Rod says, 'if I knew then what I know now' - it all stinks.

Anonymous said...

But what if all those elements are part of the same giant commission driven corporation?

As a valuer, I was constantly flagging up crazy valuation figures only to be told "Do you want a job?"

The same flats that I refused to value up at £125,000 are now being sold at auction for £50K. or less.

Anonymous said...

Well why don't you try and expose the people or companies who put you in that position?