000			01867cab a2200325 4500
001			ABS50954
008			090401t1994 xxu||||| |||| 00| 0 eng d
035			_a(Sirsi) u2921
041			_aeng
245			_aAllied Trust Bank Ltd v Edward Symmons & Partners
260			_c1994
350			_a0
490			_aEstates Gazette _v(1994) 22 EG 116-126(11)
520			_aQBD 30 September 1993. A company (C) contracted to purchase a property to convert into apartments and terraced houses and applied to the plaintiff (T) for a loan. The defendant firm of surveyors (S) provided a valuation report stating the open market value to be £595,000. T provided a loan based on 70% of the purchase price. C failed to pay interest or principal and the property was sold for £220,000. T claimed that S negligently valued the property and a more correct figure should have been £350,000 on which valuation T would have lent £245,000. T lost £125,000. S had presumed that planning permission would be granted for the proposed development. Claim dismissed, open market value of freehold property must include such additional amount, as in the open market, prospective purchasers would pay for a property on the prospect of obtaining planning permission for development, over and above that which they would pay if there was no hope that planning permission could be obtained.
650			_aASSET VALUATION
650			_aABOUT RICS-RICS MEMBERS
650			_aFALLING MARKET
650			_aHOPE VALUE
650			_aMORTGAGE VALUATION
650			_aNEGLIGENCE
650			_aOPEN MARKET VALUE
650			_aPLANNING PERMISSION
650			_aRICS APPRAISAL AND VALUATION MANUAL
650			_aRESIDUAL VALUATION
650			_aSURVEYORS
650			_aVALUERS
690			_aMANAGEMENT-BUSINESS MANAGEMENT-PROFESSIONAL PRACTICE
942			_n0
948			_c04/03/1997
999			_c1759 _d1759