Generally, a surveyor’s report will form the basis of the property transfer, as well as any legalities that may arise. Whilst surveyors are given some margin for error, because of fluctuating house prices and undetectable issues, when they fail to exercise the necessary competence, this may give rise to a negligence claim.
Not only may negligent property valuations render the client at a financial loss, but a serious problem with a property may put residents in danger.
An example of a surveyor being negligent in their report would be if they understate a serious issue such as rot or damp as they have incentives, such as being awarded commission on the sale of the house, to do so. If the house’s valuation falls upon the revelation of the problem, then the homeowner will be in a financially burdensome position.