Retrospective Valuations

In recent years, with market conditions hardening, we have received an increasing number of instructions from solicitors, representing surveyors and lending institutions, to advise on retrospective valuations and potential claims for negligence. In these cases we carry out the following:

• A careful review of the original valuation report to ensure that it complies with the Royal Institution of Chartered Surveyors Red Book practice statements.
• An analysis of the comparable evidence used in preparing the original valuation report.
• Drive-by inspections of the property concerned as well as the comparable properties. Photographs are provided.
• Our own valuation exercise using data available from numerous sources including our own records, those of local estate agents and various internet sites including Rightmove Plus.
• Research separate comparable sales evidence.
• An inspection of the interior of the subject property, if accessible.
• A discussion with the estate agent who dealt with the property at the time it was sold, assuming this does not create a conflict of interest.
• A review of the state of the market at the time of the valuation and how such conditions may have affected the valuer’s judgment and, therefore, valuation.

In the case of a re-possessed property it is worthwile reviewing the subsequent sale. If for instance the property was re-sold in particularly poor condition or indeed, as in one recent case, it was sold in particularly good condition, it can have an important bearing on the claimed loss. In another reported matter we discovered that a re-possessed property was sold and then re-sold within three months at a profit of 35% without any physical or legal alterations having taken place.

If you or your client require advice on a potential claim relating to negligence or a retrospective valuation, we would be pleased to provide sample reports on request. Simply send you e-mail to dpsurveys@talktalk.net. A sample report will be e-mailed.

Our recent client list and instructing solicitors includes the following:

We provide:

• HomeBuyer Reports
• Building Surveys
• Valuations for Tax
• Valuations for Probate
• Boundary Disputes
• Expert Independent Advice
• Professional Surveyors
• Reports in Plain English

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