Proctor Phair Lawyers represents a lender in a professional negligence claim against its former solicitor who amongst other things failed to obtain from the land titles office a copy of the registered lease on to a valuation of the property the subject of the security for the loan which resulted in the lender failing to discover annexed to the valuation of the property was forged and lent money on the valuation which was calculated on the incorrect rent set out in the lease resulting in him lending money on an over valued property the result was the lender losing millions and resulting in a damages.

This tested the issue of the extent of solicitors’ responsibilities to the client and the terms of their retainers.  The matter settled at mediation with our client receiving a substantial settlement sum and avoiding a costly trial.  The client is happy with the result however it emphasises the importance of checking source documents especially where they are an important part of the security.