Case news Preferred Mortgages v Countrywide Surveyors
Language: English Series: Property Week ; 70(35) 2 September 2005, 70(1)Publication details: 2005Subject(s): Summary: Discusses the case "Preferred Mortgages v Countrywide Surveyors" (L130660) where Preferred Mortgages (P) claimed that Countrywide Surveyors had been negligent in its valuation of a property on the grounds that a retrospective valuation carried out P's own valuer had produced a significantly lower value. C's surveyor had valued the property at £65 000 but the sale never took place and P found itself a victim of a mortgage fraud. The property was worth only £35 000 having no electricity, water or foul drainage and P had to spend £26 000 before selling the property for £60 000. P claimed that C was liable for the losses caused by its valuation. However it was decided that the valuer had acted properly even though the value was outside the 10% allowed to valuers and that P had committed contributory negligence in lending 85% of the valuation figure.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Journal article | London Journal article | L130886 (Browse shelf(Opens below)) | 1 | Available | 130886-1001 |
Discusses the case "Preferred Mortgages v Countrywide Surveyors" (L130660) where Preferred Mortgages (P) claimed that Countrywide Surveyors had been negligent in its valuation of a property on the grounds that a retrospective valuation carried out P's own valuer had produced a significantly lower value. C's surveyor had valued the property at £65 000 but the sale never took place and P found itself a victim of a mortgage fraud. The property was worth only £35 000 having no electricity, water or foul drainage and P had to spend £26 000 before selling the property for £60 000. P claimed that C was liable for the losses caused by its valuation. However it was decided that the valuer had acted properly even though the value was outside the 10% allowed to valuers and that P had committed contributory negligence in lending 85% of the valuation figure.