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Surveyors 'could face professional negligence claims'
04 February 2010
Property surveyors could find they are confronted with professional negligence claims if they over-valued the price of real estate during the housing boom. This is according to The Times, which has learnt that Bradford & Bingley is considering legal action against those found in breach of the regulations.
Speaking to the paper, a spokesman for Bradford & Bingley said: "We, from time to time, discover cases where we feel there is evidence of valuers' negligence." GE Money, which used to be one of the biggest lenders of buy-to-let deals and sub-prime deals, has also sent letters to surveyors found to be selling repossessed properties which had been sold for less than their valuation.
A company representative stressed that it is normal if "there is a significant deviation between the valuation and the sale price". Letters have been sent by solicitors to the firms believed to be in breach of regulations.
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Posted by Michael Larcombe
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