Buying property

[leebenjamin3]

does anybody have any advise what legal action can be taken in the following instance:
I have been in the process of purchasing a commercial property advertised at "a reduced price"
This has incurred me costs of a mortgage broker, surveyor and solicitor
After the survey was done it has come to light that the property was overvalued by �75k
I have since found out that the Estate is actually the vendor - This has been a complete shock as the estate agent has always referred to "the vendor" and not himself
The estate agent does not belong to any governing bodies (OEA etc...)
Do I have grounds to claim costs and compensation?

[buildersmate]

I don't think so, A valuation is an opinion. Was it a formal valuation by a Chartered Surveyor? - I suspect not. A 'valuation' by an estate agent is just one person's opinion on what the market will bear.

[Thicko2006]

Check with one of the professional bodies - RICS or NAEA. I believe that if the agent has an interest in the property he is selling he must declare it openly when offering the property for sale.
If he did not, then you may have grounds for action against him.

[themas]

If he gave you to understand he was just the agent and someone else was the vendor then he might be guilty of misrepresentation. However, would the situation have been any different had you known the true position? you need to consider this because there is no point pursuing a claim (even if you find you do have grounds in principle) unless you can show that your actions would have been different had you been aware of the truth.

[flyciderman]

It sounds as if the agent was a bit sharp, but on the other hand he never said he was not the vendor.

Also anyone can ask what they want for a property, you must have thought the price was OK other wise you would not have spent all the time and money before you got the survey.

[Peter Pedant]

it is a tax loss though

which you might write off against other rents