I have been a victim of poor surveying. A property was down-valued from £97k to £83k due to the back garden not being part of the title.
The sale fell through for that buyer. A sale was later agreed on the same property which involved a mortgage.
The lender arranged the survey and low and behold the property valued at £97k (minus the back garden). Work that one out.
Whilst it seems ridiculous, the surveyor was doing his job – protecting the lender. He, like all surveyors, is a jack of all trades but a master of none. He is most certainly not a qualified tree surgeon, so whilst it may be desirable that he can tell an Ash tree from a Horse Chestnut, it is not his job to know.
The most important thing I would imagine, that after spending the money, you now have absolute reassurance that the tree is not a potential threat to your property. I would have thought this is a good thing…
Good Mortgage Man
Dominic – a frustrating experience but with respect what you’ve described is exactly what the lenders require valuers (you had a valuation not a survey) to do.
They are not experts in tree growth but ARE expected to highlight areas of POTENTIAL concern for further investigation.
If there had been an issue and the valuer had not reported it, both you and the lender would in principle be able to sue the valuer for the cost of the house that fell down – not a jobsworth – but a diligent professional.
As a thought experiment, if you were buying a property and your adviser highlighted a similar issue, would you ignore it? Lenders, like most other interested parties, don’t pay for advice which they then choose to ignore!
I wonder how many will continue to recommend direct products after MMR?
The FCA made it clear on their roadshows that any direct recommendation must be handled in the same way as your advised products i.e. research, fact find, suitability etc and that the broker is liable for the advice given even though they have no clue about criteria etc!
I have already started to inform clients that I do not advise on direct products so sadly no halo for me!
I’ve got a large cupboard in the centre of London to rent for £200 per night. Cash only but you can use my outside loo.
Thank you for your comments this week