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ARTICLE · 25 APRIL 2012

Negligent Valuation

Charles Russell Speechlys LLP
Charles Russell Speechlys LLP
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Charles Russell Speechlys LLP

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The volatile property development sector has led to increased pressure on surveyors.

United KingdomReal Estate and Construction
Peter Levaggi
Peter Levaggi

Property Litigation - March 2012

The volatile property development sector has led to increased pressure on surveyors. The problem arises in relation to the valuation of distressed property where there are:

  • forced sales
  • revaluation as part of renewed or restructured lending for exiting property portfolios
  • mezzanine lending with a mortgage lender agreeing to take a higher risk

Valuers face substantial difficulty in attempting to arrive at a market value in circumstances where very little market exists. The conventional valuation process involves the consideration of transactions which compare with the current property transaction (i.e. is truly "comparable" in terms of being recent, of a similar/same location and of similar/same property characteristics).

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