Legal Action Against Surveyors Falling

Mortgage Lenders such as the RBS, Santander and Barclays accounted for 86% of claims against property surveyors during 2014.

 

The number of legal actions against both estate agents and surveyors has dropped to a 6 year low since the 2008 property crash.

 

Research by the firm RPC suggests that claims against both professions fell by 65% from 193 in 2013 to 67 in 2014.

 

A spokesman commented that, 'Lenders with high exposure to sub-prime mortgage lending or high-yield commercial property were heavily impacted during the financial crisis so it is not surprising to see that they were the most aggressive litigators. When house prices go into free fall as they did in 2008, surveyors who have valued collateral for the loan are often vulnerable to professional negligence claims.'

 

In a further statement the firm commented that mortgage lenders were less likely to claim against surveyors now as the UK was following a "broad base" recovery which had mitigated any losses on repossessed properties during the last 6 years.

 

The general feel seems to be that those Professional Insurers who withdrew their Indemnity cover from Estate Agencies and Property Surveyors during the credit crunch are now looking to re-enter the market as conditions continue to improve. 

 

Peterborough Conveyancing Solicitors