A surveyor owes a duty of care to their client to act with reasonable care and skill, adhering to the professional standards expected within their field.
Surveyor Negligence Claims
When purchasing or lending against property, whether residential, commercial, or a unique investment, you rely on the expertise of professional surveyors to provide accurate valuations and identify potential structural issues. However, when a surveyor’s negligence leads to financial loss, the consequences can be significant.
At Specters, we specialise in professional negligence claims, including claims against surveyors, and can help individuals and lenders seek the compensation they deserve.
When and where surveyor negligence might occur
Surveyor negligence typically arises in situations where their professional duty of care is breached, such as:
Incorrect valuations
Surveyors are expected to provide accurate property valuations within acceptable margins of error, this is 5% for residential properties, 10% for unique properties, and 15% for commercial properties.
If a valuation falls outside these thresholds, it may be deemed negligent. Incorrect valuations can lead to overpayment for a property or difficulty securing sufficient financing, causing financial strain for individuals or significant losses for lenders.
Failure to Identify Structural Defects
Surveyors are responsible for thoroughly assessing properties for structural issues. For example, failing to detect subsidence-related cracks before purchase or lending can result in substantial unforeseen costs.
Surveyor negligence claims for lenders
Surveyor negligence does not just affect buyers; it can have serious financial implications for lenders. At Specters, we act for traditional and peer-to-peer lenders throughout England and Wales, often in cases of professional negligence.
A classic scenario involves:
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The lender instructing a surveyor to value a borrower’s property, using this valuation to proceed with the loan transaction.
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The borrower defaulting on repayments, prompting repossession proceedings
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During repossession, the lender discovering the original valuation was significantly overstated.
This overvaluation may leave the lender unable to recover the full amount lent to the borrower, resulting in substantial financial loss.
At Specters, we have successfully recovered compensation for lenders in such situations, including:
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The outstanding loan balance
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Interest and funding costs
Our team has a proven track record of acting for lenders and delivering results, whether the claim relates to traditional lending arrangements or peer-to-peer lending platforms.
Bringing forward a surveyor negligence claim
To pursue a professional negligence claim against a surveyor, individuals and lenders must demonstrate:
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Duty of Care: Evidence that the surveyor was instructed to carry out the work.
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Breach of Duty: Proof that the surveyor’s work fell below the standard expected of a reasonably competent professional.
We recommend instructing an independent expert surveyor early in the process to assess the original valuation or inspection and confirm negligence. Specters can guide you through this step and strengthen your claim.
At Specters, we understand the complexities of professional negligence claims and the unique needs of affected individuals and lenders. Our team delivers tailored advice and proven results, ensuring you are fully supported throughout the process.
Our legal negligence solicitors
Frequently asked questions
How much does an expert surveyor report cost?
For a standard residential property, an expert surveyor’s report usually costs between £800 and £1,500. If your claim is successful, we aim to recover these costs on your behalf.
How can I fund my claim?
Specters offer no win, no fee arrangements for most surveyor negligence claims. This means you can proceed with confidence, knowing you won’t face financial risk if your claim is unsuccessful.
What can I claim?
For buyers: You may be able to claim the diminution in property value or the cost of rectifying structural defects.
For lenders: Compensation can include the outstanding loan balance and associated interest or funding costs.
