Saturday, 21 September 2013

When Things Go Wrong With Your Property

Buying a property is a minefield, it is also a costly experience. We rely on professionals in the field to spot any defects with the property we are buying. Surveyors owe a duty of care to spot any defects in the property. There are usually two types of surveys, a basic one and a more thorough structural survey. With a basic survey major structural damage or any evidence of subsidence should be spotted. With a full structural survey the surveyor has a higher duty of care to spot most structural defects with a property.


With the property boom a few years ago, there was a possibility that mistakes could have been made and if you think you have a significant problem with the property you are entitled to legal redress and possibly compensation due to surveyors negligence.
Redress Law can help in these circumstances. They provide expert dispute resolution for individuals and businesses, being specialist professional negligence solicitors. This specialist firm based in Cardiff has been representing people for over 60 years. Generally they are able to accept a suitable case on a no win no fee basis and will fully discuss your options from the outset. A professional and approachable firm nothing is too much trouble for them.
Valuers also have a duty to ensure the valuation they have made of the property is accurate and they should have looked at properties in the area that are comparable. Occasionally they can get carried away with over estimating the price of the property. When the market was busy tales of "drive-by valuations" were around. Problems often do not surface until the property is due to be sold and the valuation was too high. The law however give 10-15% leeway in such cases before deciding that the valuation was negligent
Examples of cases involving surveyors or valuers
  • Overvaluing properties
  • Failing to carry out a proper inspection of the property
  • Failing to report on obvious defects e.g. failing to identify dry rot, cracking or subsidence
  • Producing an inadequate or defective report
  • Failing to correctly undertake a structural survey
  • Failing to warn of things that might warrant further investigation
  • Wrongly valuing property for insurance purposes, creating a shortfall if the property is destroyed
So if you feel you have lost out due to an overvaluation or reasons above it would be in your interest to contact a company specialising in Surveyors Negligence like Redress Law.

* This is a sponsored post
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4 comments

  1. Most definitely a minefield, thanks for doing your home work. I'm sure a lot of people will find this useful. I personally would not know where to start.

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    1. Yes I agree trained professionals are best in these circumstances

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  2. Property Law is my background (albeit in marketing) and it is absolutely vital to get a proper survey done. You'd be surprised how many people just get the basic one done which doesn't investigate problems. Nice to hear of a law firm who is addressing dodgy surveys and valuations though.

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    Replies
    1. Yes it's best to get a full structural survey done isn't it. Good to know there are companies out there too that address these issues

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