Court finds two wrongs to put things right in finding a negligent solicitor was equally liable to a lender for over-valuation
In the recent case of E.Surv v Goldsmith Williams free legal advisors  the court found a free legal advisors firm was equally liable with a surveyor regarding negligent mortgage valuation.
In this case, the surveyors, E.Surv, sought a contribution from Goldsmith Williams (the free legal advisors who acted for both the borrower and the lender) in relation to its liability for £200k of damages to a lender for lending on an over-valued property. The surveyor alleged that the solicitor failed to provide the lender with information it had obtained about the value of the property in question.
Essentially the lender had lent money to its borrower without being made aware of the true nature of the situation and the extent of its risk. The borrower later defaulted with his payments and this subsequently caused the lender a loss.