expLAW

Negligence claims and the UK property market’s global appeal

It is thought that there an increasing number of overseas investors are instructing lawyers to make professional negligence claims against valuers and surveyors in the UK.

This is because the UK property market has long been a desirable target for investors from overseas, both private and commercial.

As it currently stands, financial markets are uncertain, making the UK property market, particularly central London and the well-heeled home counties, an ideal alternative for overseas investors looking to secure and enhance their assets.

But as so many of these investors are amongst the world’s most privileged and empowered individuals, they are also amongst the most litigious.

This means that if things go wrong and investments in the property market fail to reap the rewards predicted by surveyors, valuers and financial advisors, professional negligence claims may well follow. And it is not only investors who will seek to claim, in many cases lenders will also seek to recover any losses caused by negligence.

“I anticipate the volume of valuer claims will surge significantly again over the next couple of years particularly as limitation is becoming more of an issue for claimants,” says a solicitor who has acted for a number of UK banks.

So far though, premium real estate in areas such as Mayfair, Kensington, Hampstead, Notting Hill and Sussex has proved robust to the vulnerabilities and fluctuations of the property market, increasing or maintaining value in the face of general market trends.

So long as this situation remains in place, overseas investors are unlikely to instruct professional negligence lawyers to commence claims, but should this change valuers and surveyors may be facing up to some of the world’s most fearful adversaries: the super rich.

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