Unlucky landlord wins landmark case against surveyor

Some very interesting news over the weekend for buy to let property insurance holders.

We’re referring to end of the long-running legal case that saw a buy to let landlord Emmet Scullion win his claim that his surveyors overvalued the rental potential of his investment property.

Local firm Colleys claimed that the flat could achieve a monthly rent of £2,000. The actual yield was about half of that, forcing Mr Scullion to sell up, at a loss in 2006 (some time before the recent panics set in).

Mr Scullion took action against the Surveyors and walked away with £72,000 to cover the loss of rental income and costs incurred. Legal experts are now predicting that we may see a surge in such actions from buy to let landlords caught out by overambitious valuations.

Read the full story here.

What does a debt mountain look like??

A bit like this apparently….