Cavendish Funding Ltd v Henry Spencer & Sons Ltd
Cavendish Funding Ltd v Henry Spencer & Sons Ltd
- 1998
- Estates Gazette [1998] 06 EG 146-151(6) .
CA 24 October 1997. Plaintiff bank, C, made a loan to X for 6 months secured by a first mortgage on their house. C had been provided with a valuation by H of £1.525m. They also received a second valuation from another firm of £1m. Following defalt by X, C obtained a further valuation of £150,000 taking into account the state of repair of the house. H accepted liability accepting appropriate valuation would have been £250,000. Judge awarded damages of £1,049,853. H appealed. Appeal allowed in part.
CAVENDISH FUNDING LTD V HENRY SPENCER & SONS LTD
NEGLIGENT VALUATION
POSSESSION
VALUERS
CA 24 October 1997. Plaintiff bank, C, made a loan to X for 6 months secured by a first mortgage on their house. C had been provided with a valuation by H of £1.525m. They also received a second valuation from another firm of £1m. Following defalt by X, C obtained a further valuation of £150,000 taking into account the state of repair of the house. H accepted liability accepting appropriate valuation would have been £250,000. Judge awarded damages of £1,049,853. H appealed. Appeal allowed in part.
CAVENDISH FUNDING LTD V HENRY SPENCER & SONS LTD
NEGLIGENT VALUATION
POSSESSION
VALUERS