BNP Mortgages Ltd v Goadsby & Harding Ltd
BNP Mortgages Ltd v Goadsby & Harding Ltd
- 1994
- Estates Gazette (1994) 42 EG 150-158(9) .
ORB 19 April 1994. The defendants (G) provided B with a valuation of a barn conversion at £245,000 prior to a mortgage advance. B lent £196,000 on the property but as the occupiers fell behind with payments, took possession and sold it for £100,000. B sought damages from G, claiming G had been negligent or fraudulent in their valuation. At this preliminary hearing G was found to have relied on an earlier valuation for a different lender and was, therefore, negligent. The maximum value should have been £200,000. However, G was not fraudulent and was not responsible for the fall in market value.
FALLING MARKET
MARKET VALUE
MORTGAGE VALUATIONS
NEGLIGENCE
OPEN MARKET VALUE
RISK
SURVEYORS
VALUERS
ORB 19 April 1994. The defendants (G) provided B with a valuation of a barn conversion at £245,000 prior to a mortgage advance. B lent £196,000 on the property but as the occupiers fell behind with payments, took possession and sold it for £100,000. B sought damages from G, claiming G had been negligent or fraudulent in their valuation. At this preliminary hearing G was found to have relied on an earlier valuation for a different lender and was, therefore, negligent. The maximum value should have been £200,000. However, G was not fraudulent and was not responsible for the fall in market value.
FALLING MARKET
MARKET VALUE
MORTGAGE VALUATIONS
NEGLIGENCE
OPEN MARKET VALUE
RISK
SURVEYORS
VALUERS