3 Liability for a prescribed survey report
1 If the buyer of a house has–
(a) obtained a copy of a prescribed survey report under section 99(1) of the 2006 Act in respect of that house; and
(b) suffered material loss as a result of the report not meeting any of the requirements in paragraph (2),
the buyer has a right to damages against the person who prepared the report.
2 The requirements are that the prescribed survey report–
(a) is based on an inspection of the house;
(b) has been prepared in a fair and unbiased way;
(c) has been prepared with reasonable skill and care.
3 For the purposes of this article, material loss has been suffered when–
(a) the market value of the house on the date of the prescribed survey report is materially lower than the value given in the prescribed survey report; and
(b) the buyer has paid more than the market value of the house.