Nyckeln Finance Co Ltd v Stumpbrook Continuation Ltd
Nyckeln Finance Co Ltd v Stumpbrook Continuation Ltd
- 1994
- Estates Gazette 1994 33 EG 93-105 .
QBD 11 March 1994. Claim for damages against defendant surveyor for negligence in preparing a mortgage valuation report for plaintiff lender in 1989. The property was valued at £30.5m in 1989 and the property was resold in 1992 for £3.1m after the purchaser defaulted in 1990. Applied "Banque Bruxelles Lambert SA v Eagle Star Insurance" upholding the plaintiff`s claim that the valuation was the cause of his loss including that attributable to the collapse in the property market. Damages awarded included loss of interest paid by the plaintiff in borrowing to refinance the loan and out-of-pocket expenses. The plaintiff was deemed to be contributorily negligent to the extent of 20% of damages suffered by not properly satisfying himself as to the reliability of the valuation.
BANQUE BRUXELLES LAMBERT SA V EAGLE STAR INSURACE CO LTD
CONTRIBUTORY NEGLIGENCE
DAMAGES
FALLING MARKET
MARGIN OF ERROR
MORTGAGE VALUATION
NEGLIGENCE
RECESSION
VALUERS
QBD 11 March 1994. Claim for damages against defendant surveyor for negligence in preparing a mortgage valuation report for plaintiff lender in 1989. The property was valued at £30.5m in 1989 and the property was resold in 1992 for £3.1m after the purchaser defaulted in 1990. Applied "Banque Bruxelles Lambert SA v Eagle Star Insurance" upholding the plaintiff`s claim that the valuation was the cause of his loss including that attributable to the collapse in the property market. Damages awarded included loss of interest paid by the plaintiff in borrowing to refinance the loan and out-of-pocket expenses. The plaintiff was deemed to be contributorily negligent to the extent of 20% of damages suffered by not properly satisfying himself as to the reliability of the valuation.
BANQUE BRUXELLES LAMBERT SA V EAGLE STAR INSURACE CO LTD
CONTRIBUTORY NEGLIGENCE
DAMAGES
FALLING MARKET
MARGIN OF ERROR
MORTGAGE VALUATION
NEGLIGENCE
RECESSION
VALUERS