Preferred Mortgages Ltd v Bradford & Bingley Estate Agencies Ltd [2002] EWCA Civ 336 (8 March 2002)

Once the original mortgage was redeemed and replaced by a new mortgage in November 1997, any liability for negligent valuation in respect of the original transaction ceased, as the transaction was satisfactorily completed and resulted in no loss to the appellants.

Citation: [2002] EWCA Civ 336
Parties: Claimant/appellant: Preferred Mortgages Limited; Defendant/respondent: Bradford & Bingley Estate Agencies Limited
Jurisdiction: England and Wales
Judgment Date: 08 March 2002
Procedural Posture: Appeal / Judgment on Appeal From Sheffield County Court, Preliminary Issue
Outcome: Appeal dismissed
Legal Topics: Negligent Valuation, Duty of Care, Mortgage Redemption, Measure of Damages

Professional Negligence Tort Contract Negligent Valuation Duty of Care Mortgage Redemption Measure of Damages

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Parties

Preferred Mortgages Limited

Claimant/appellant

Bradford & Bingley Estate Agencies Limited

Defendant/respondent

Procedural Posture

Appeal / Judgment on Appeal From Sheffield County Court, Preliminary Issue

Legal Issues

1 Whether the respondent is liable for loss sustained by the claimant in reliance on the respondent's valuation report after a further advance and re-mortgage
2 Whether redemption and re-mortgage extinguished respondent's liability for alleged negligent valuation

Ratio Decidendi

Court Disposition

Appeal dismissed

Orders

Appeal dismissed with costs subject to detailed assessment
Appellants to make interim payment of £12,500 (50% of Respondents' costs) within 14 days