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Post by masquedefer on May 25, 2019 8:36:26 GMT
If Lendy administrators do not pursue negligent surveyors Do I have the right to do?
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sydb
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Post by sydb on May 25, 2019 10:55:33 GMT
I would think that you can try to claim against anybody you like for anything, under legal procedures. You just have to fund the legal costs unless you are lucky enough to win and persuade the court that the defendant pay them, should they have sufficient funds to do so. Or, they may choose to settle out of court.
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mary
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Post by mary on May 25, 2019 11:51:40 GMT
If Lendy administrators do not pursue negligent surveyors Do I have the right to do? While technically you would take action against the Surveyor, in fact it would be passed quickly to their Professional Indemnity insurance provider. These companies do not roll over easily. You would need an extremely strong and detailed case to win.
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ilmoro
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Post by ilmoro on May 25, 2019 12:02:53 GMT
If Lendy administrators do not pursue negligent surveyors Do I have the right to do? While technically you would take action against the Surveyor, in fact it would be passed quickly to their Professional Indemnity insurance provider. These companies do not roll over easily. You would need an extremely strong and detailed case to win. There is no contractural relationship between lenders & surveyors so I expect it would be virtually impossible.
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mary
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Post by mary on May 25, 2019 12:36:35 GMT
While technically you would take action against the Surveyor, in fact it would be passed quickly to their Professional Indemnity insurance provider. These companies do not roll over easily. You would need an extremely strong and detailed case to win. There is no contractural relationship between lenders & surveyors so I expect it would be virtually impossible. It depends on the letter of instruction, which forms a part of the contract. If this letter was clear that the valuation was to be used to solicit investors to back the loan, then it is arguable that the Surveyor owed a due of care to those investors. Maybe difficult, but not impossible, but certainly depends heavily in the instructions given.
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ilmoro
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Post by ilmoro on May 25, 2019 12:51:54 GMT
There is no contractural relationship between lenders & surveyors so I expect it would be virtually impossible. It depends on the letter of instruction, which forms a part of the contract. If this letter was clear that the valuation was to be used to solicit investors to back the loan, then it is arguable that the Surveyor owed a due of care to those investors. Maybe difficult, but not impossible, but certainly depends heavily in the instructions given. Yes, virtually impossible and if not probably expensive. Picked a random one, PBL179, solely for clients Lendy & SSSH, no mention of anyone else being able to use it and of course the borrower pays the fees so the money contract is with them. Personally a claim by a third party ie lenders sounds like a solid way for lawyers to get rich(er).
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69m
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Post by 69m on May 25, 2019 16:17:00 GMT
In relation to this issue, hopefully the administrators will be able to provide meaningful progress reports regarding the legal claims previously instigated by Lendy. If nothing else, confirmation that those claims actually exist and are ongoing would be appreciated.
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Monetus
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Post by Monetus on May 25, 2019 16:23:09 GMT
From what I understand Lendy had claims underway for professional negligence against various parties and I believe that some of these were quite advanced.
If they offer a potential route for further recovery and are still cost effective I hope that they are allowed to continue.
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Mucho P2P
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Post by Mucho P2P on May 26, 2019 9:13:57 GMT
If Lendy administrators do not pursue negligent surveyors Do I have the right to do? In a simple answer, "YES": 1. The various insurance companies of valuers are now removing P2P valuations from their agreed policy cover, or significantly increasing the premiums that are charged to valuers if they value for P2P companies, specifically as they might face lawsuits for many individuals. 2. You have the right to issue a PoC and have your case heard in Court [Precedence in law is derived from a first Court case].
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neeps
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Post by neeps on May 26, 2019 13:47:04 GMT
Have there actually be any successful claims against valuers?
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agent69
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Post by agent69 on May 26, 2019 14:12:10 GMT
Have there actually be any successful claims against valuers? I believe AC were progressing a negligence claim against a valuer, but that was a while agoand I don't know if it has run its course.
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iRobot
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Post by iRobot on May 26, 2019 15:25:57 GMT
Have there actually be any successful claims against valuers? The 03/05 public update on PBL056 states: ***PLATFORM UPDATE:*** The private portal for this loan is now live. Last month saw a successful professional indemnity claim finalised,the detail of which will be on the private portal shortly.and was followed by further information made available to lenders which confirmed a successful claim against a valuation. But one swallow does not a summer make 
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agent69
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Post by agent69 on May 26, 2019 15:36:49 GMT
Have there actually be any successful claims against valuers? confirmed a successful claim against a valuation. What exactly constitutes a sucessful claim?
I assume it would be too simple to say one where the valuer's insurer coughs up the difference between the estimated value and the actual sale price
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Greenwood2
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Post by Greenwood2 on May 26, 2019 20:26:33 GMT
confirmed a successful claim against a valuation. What exactly constitutes a sucessful claim?
I assume it would be too simple to say one where the valuer's insurer coughs up the difference between the estimated value and the actual sale price
I would assume they would be allowed a reasonable margin 10% - 20%? And then there are usually many assumptions in the valuation + things they couldn't check + things they advise you should have 'checked by experts' and if any of those are found to have affected the sale price that would probably also decrease any payments. I guess if it's wildly wrong with no good reason they should payout most of the difference.
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Mucho P2P
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Post by Mucho P2P on May 26, 2019 20:48:12 GMT
confirmed a successful claim against a valuation. What exactly constitutes a sucessful claim?
I assume it would be too simple to say one where the valuer's insurer coughs up the difference between the estimated value and the actual sale price
" What exactly constitutes a sucessful claim? " <-legally, an admission of guilt, or/and a judgement in your favour, and/or any size payout (from £1 upwards). I would take any "successful claim" proclamation from Lendy with a bag of salt as I seriously doubt it will be for the difference in the amount.
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