Saturday, October 31, 2009
Blame the valuers for the cheap money glut?
Mortgage lenders are using â€œno win, no feeâ€ solicitors to threaten property surveyors with negligence claims for valuations on homes that have since suffered steep falls in value and been repossessed. So-called â€œconfetti lettersâ€ are being sent to valuers on behalf of lenders, after a number of solicitors approached banks offering to investigate the accuracy of valuations by their surveyors, The Times has learnt. The letters question whether the original valuation was accurate at the time the borrower bought the property and notifies the valuer that they are under investigation.