PK Finans International (UK) Ltd v Andrew Downs & Co Ltd
PK Finans International (UK) Ltd v Andrew Downs & Co Ltd
- 1992
- Estates Gazette (1992) 24 EG 138-140(3) .
QBD 28 November 1991. The defendants are a firm of surveyors and valuers. The plaintiffs P allege negligence by X who was employed by the defendants in respect of valuation of a freehold property. X has since died. The property is a large Victorian house which at the time in question was being converted into a nursing home. It is acknowledged by both parties that the previous owner of the property, S, acted fraudulently. X was asked by S to value the property urgently and therefore did a fairly short valuation on 14 October 1985. S then approached the plaintiffs P for a loan of £1m using the property as security. this laon was recommended. S had implied to P that he had planning consent to build sheltered housing on the land. P required a further valuation as they wanted a report addressed to them, as the October valuation contained the customary disclaimer for responsibility to a third party and it did not contain a forced-sale value. However it was agreed that X should redate and r
FORCED SALE VALUE
NURSING HOME
PLANNING CONSENT
PLANNING PERMISSION
RICS APPRAISAL AND VALUATION MANUAL
SHELTERED HOUSING
QBD 28 November 1991. The defendants are a firm of surveyors and valuers. The plaintiffs P allege negligence by X who was employed by the defendants in respect of valuation of a freehold property. X has since died. The property is a large Victorian house which at the time in question was being converted into a nursing home. It is acknowledged by both parties that the previous owner of the property, S, acted fraudulently. X was asked by S to value the property urgently and therefore did a fairly short valuation on 14 October 1985. S then approached the plaintiffs P for a loan of £1m using the property as security. this laon was recommended. S had implied to P that he had planning consent to build sheltered housing on the land. P required a further valuation as they wanted a report addressed to them, as the October valuation contained the customary disclaimer for responsibility to a third party and it did not contain a forced-sale value. However it was agreed that X should redate and r
FORCED SALE VALUE
NURSING HOME
PLANNING CONSENT
PLANNING PERMISSION
RICS APPRAISAL AND VALUATION MANUAL
SHELTERED HOUSING