Each week, we also round-up the best comments, emails and letters to the site and pick one reader contribution as our Star Letter. This week’s award goes to:
Mortgage borrowers repeatedly mis-sold valuation reports – surveyor
This issue tested in the courts with an action brought by a borrower against Halifax sometime I think in the 1970s. The borrower on the day he moved into his property fell into the cavity below ground floor floor board level because of undetected/unreported dry rot. He sued.
His action failed when the Court of Appeal ruled the valuers report was for the sole benefit of the lender in helping them to assess the suitability of the property against the mortgage being sought despite the cost being met by the applicant.
I believe it was this ruling that lead to the introduction of the Home Buyers report as an option available to applicants to provide a go between a basic valuation for mortgage purposes and a full structural report for the applicants benefit.
Stephen Bannister
