It is perhaps inevitable that the downturn has led to an increase in the incidence of negligence claims against valuers. In one high profile case last year the High Court found against Colliers in a claim worth €32 million.
Although not on that scale we took the first steps last week in a claim against a firm of valuers for an amount of nearly £2 million in respect of the valuation of an office building in Birmingham in 2010.
We hope to achieve a sensible financial settlement without resorting to litigation; however we have prepared the ground with lawyers and expert witnesses so that, if necessary, we can commence proceedings. We have taken detailed advice on issues such as the application of the statue of limitation, our duties to mitigate and how to quantify the amount of any loss.
Although we hope to settle by negotiation we have, of necessity, put aside a substantial fighting fund to meet the costs of the litigation.
For now we are keeping silent about the identity of the valuer, but should we commence proceedings that will undoubtedly become public. Let us hope that this can yet be dealt with amicably, and out of the public eye, and without incurring unnecessary legal and other costs.