Follow landmark valuers 'duty of care' hearing (Scullion) live next week
In 2011 the Appeal Court decided unanimously that the valuer's duty of care, when reporting to its lender client, should not extend to cover a buy-to-let investor (as distinct from a residential purchaser):
the reasons given by the Court can be read by clicking on the following link:
That decision has been appealed and will be heard by five Supreme Court Justices on 10 April 2013. The scale of BTL lending prior to the market crash of 2007/8 and the losses generated since means that the outcome of this case is significant for the hard-pressed profession and the insurers which service it. Rejection of the appeal is likely to encourage more insurers and greater competition back into the market.
Follow the hearing live from 10:30 next Wednesday via the following link:
The judgment of the Court is unlikely to be delivered for several weeks afterwards but will be covered promptly on this Blog.