Cases - Lloyds TSB Bank plc v Edward Symmons & Partners

Record details

Name
Lloyds TSB Bank plc v Edward Symmons & Partners
Date
[2003]
Citation
EWHC 346 (TCC)
Legislation
Keywords
Negligence in valuations and surveys
Summary

The claimant lenders brought an action for negligence against the defendants, who had carried out a valuation of a former factory which had been converted into a business centre. The claimants alleged that the property had been undervalued, with the result that they sold their charge over the property for less than its true value.

In dismissing the claim, the judge held on the authority of Merivale Moore that, regardless of any errors in their approach to the valuation, the defendants could not be liable once it was established that their final figure fell within the appropriate bracket surrounding the true value of the property.