Montlake and others (as trustees of WASPS Football Club) v Lambert Smith Hampton Group Ltd and another
Montlake and others (as trustees of WASPS Football Club) v Lambert Smith Hampton Group Ltd and another
- 2004
- Estates Gazette [2004] 20 EG 167 (CS) 167(1) .
[2004] EWHC 938 (Comm), 6 May 2004. Claimants (M) brought a damages action against defendant (L) for breach of contract and negligence in respect of L's valuation of the club's ground in 1996, a valuation obtained prior to the transfer of the club's assets and liabilities to L plc who subsequently sold the ground with outline planning permission for considerably more than the original valuation. M claimed that L's 1996 valuation had been negligent because L had failed to carry out proper planning enquiries and consequently substantially undervalued the property. L conceded shortly before trial that the valuation should have been on an open market not depreciated replacement cost basis. M argued that if they had been properly advised they would have retained the ground and sold it at a higher price later. "Held": claim allowed. L was in breach of its duty to M by failing to address the planning prospects for the grounds at the valuation date. M was entitled to damages representing the difference between the true valuation and the actual valuation together with interest. View judgment at www.bailii.org.
DEPRECIATED REPLACEMENT COST
OPEN MARKET VALUE
DUTY OF CARE
COUNTY PERSONNEL (EMPLOYMENT AGENCY) LTD V ALAN R PULVER AND CO
SMITH NEW COURT SECURITIES LTD V SCRIMGEOUR VICKERS (ASSET MANAGEMENT) LTD AND ANOTHER
OUTLINE PLANNING PERMISSION
SURVEYORS
VALUERS
NEGLIGENT VALUATION
WASPS FOOTBALL CLUB'S TRUSTEES V LAMBERT SMITH HAMPTON GROUP LTD AND ANOTHER
[2004] EWHC 938 (Comm), 6 May 2004. Claimants (M) brought a damages action against defendant (L) for breach of contract and negligence in respect of L's valuation of the club's ground in 1996, a valuation obtained prior to the transfer of the club's assets and liabilities to L plc who subsequently sold the ground with outline planning permission for considerably more than the original valuation. M claimed that L's 1996 valuation had been negligent because L had failed to carry out proper planning enquiries and consequently substantially undervalued the property. L conceded shortly before trial that the valuation should have been on an open market not depreciated replacement cost basis. M argued that if they had been properly advised they would have retained the ground and sold it at a higher price later. "Held": claim allowed. L was in breach of its duty to M by failing to address the planning prospects for the grounds at the valuation date. M was entitled to damages representing the difference between the true valuation and the actual valuation together with interest. View judgment at www.bailii.org.
DEPRECIATED REPLACEMENT COST
OPEN MARKET VALUE
DUTY OF CARE
COUNTY PERSONNEL (EMPLOYMENT AGENCY) LTD V ALAN R PULVER AND CO
SMITH NEW COURT SECURITIES LTD V SCRIMGEOUR VICKERS (ASSET MANAGEMENT) LTD AND ANOTHER
OUTLINE PLANNING PERMISSION
SURVEYORS
VALUERS
NEGLIGENT VALUATION
WASPS FOOTBALL CLUB'S TRUSTEES V LAMBERT SMITH HAMPTON GROUP LTD AND ANOTHER