Axa Equity & Law Home Loans Ltd v Goldsack & Freeman
Axa Equity & Law Home Loans Ltd v Goldsack & Freeman
- 1994
- Estates Gazette (1994) 23 EG 130-134(5) .
QBD 18 February 1994. In September 1988 an employee of the defendant firm (G) valued a leasehold flat at £155,000 for mortgage purposes. On the basis of this, the plaintiff(AE) advanced sums of £108,500 to enable the purchasers to redeem an existing mortgage and carry out improvements. The flat was repossessed in 1991 and sold for £75,000. AE claimed damages from G alleging negligent over-valuation. The valuation had been reached by consultation with local estate agents. AE`s claim was dismissed; the valuation had been assessed correctly under GN22 of the Red Book and any devaluation of the property was due to the prevailing economic conditions.
ABOUT RICS-RICS MEMBERS
FALLING MARKET
MORTGAGE VALUATIONS
NEGLIGENCE
OVER-VALUATION
RICS APPRAISAL AND VALUATION MANUAL
SURVEYORS
VALUERS
QBD 18 February 1994. In September 1988 an employee of the defendant firm (G) valued a leasehold flat at £155,000 for mortgage purposes. On the basis of this, the plaintiff(AE) advanced sums of £108,500 to enable the purchasers to redeem an existing mortgage and carry out improvements. The flat was repossessed in 1991 and sold for £75,000. AE claimed damages from G alleging negligent over-valuation. The valuation had been reached by consultation with local estate agents. AE`s claim was dismissed; the valuation had been assessed correctly under GN22 of the Red Book and any devaluation of the property was due to the prevailing economic conditions.
ABOUT RICS-RICS MEMBERS
FALLING MARKET
MORTGAGE VALUATIONS
NEGLIGENCE
OVER-VALUATION
RICS APPRAISAL AND VALUATION MANUAL
SURVEYORS
VALUERS