Hope Capital v Alexander Reece Thompson (Record no. 121747)

MARC details
000 -LEADER
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007 - PHYSICAL DESCRIPTION FIXED FIELD--GENERAL INFORMATION
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041 ## - LANGUAGE CODE
Language code of text/sound track or separate title eng
245 ## - TITLE STATEMENT
Title Hope Capital v Alexander Reece Thompson
260 ## - PUBLICATION INFORMATION
Place of publication [2023] EWHC 3157 (KB)
Publisher Kings Bench
Date 8 December 2023
520 ## - ABSTRACT
Abstract The Court looked again at the approach to evaluating the scope of a valuer’s duty and recoverable losses resulting from a negligent valuation. The dispute in Hope Capital Limited v Alexander Reece Thomson LLP [2023] was in respect of a negligent valuation by the Defendant (the Valuer) of a 15th century Grade II listed property in Surrey. The valuation was a secured lending valuation in respect of a short term bridging loan for around £2.215 million, with a low loan to value (LTV) ratio. In terms of assessing loss, the Court found that: 1) the factual reason that the value of security was not realised within 180 days of the default was due to the conduct of the Borrower (ie the dispute with the National Trust); 2) had it not been for the Borrower’s conduct and the subsequent effects of Covid-19 on the market, the Claimant would not have suffered any loss of capital advanced; and 3) by analogy with the case of Charles B Lawrence, the loss caused by the breach of the Valuer’s duty was therefore nil. This will be good news for valuers and their professional indemnity insurers as it will almost always be arguable that any change in value between the valuation date and the realisation date is attributable to changes in market conditions and/or other external factors for which the valuer is not responsible. Further, the Hope Capital decision makes it clear that notwithstanding that a valuation was critical to a decision to lend, that does not necessarily mean that the valuer is liable for all of the financial consequences of that transaction, even in a “no transaction” case.
650 ## - KEYWORDS
Keywords VALUATION
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Keywords PROFESSIONAL INDEMNITY INSURANCE
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Keywords CALDERBANK LETTERS
651 ## - SUBJECT ADDED ENTRY--GEOGRAPHIC NAME
Geographic name United Kingdom
856 ## - ONLINE RESOURCE
Uniform Resource Identifier https://caselaw.nationalarchives.gov.uk/ewhc/kb/2023/3157
Public note Available on the National Archives case law database
856 ## - ONLINE RESOURCE
Uniform Resource Identifier https://www.clydeco.com/en/insights/2023/12/hope-for-valuers-hope-capital-v-alexander-reece-th
Public note Commentary by Clyde & Co
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