header-logo header-logo

A new black hole

15 May 2015 / Daniel Goodkin
Issue: 7652 / Categories: Features , Professional negligence
printer mail-detail
nlj_may_15_goodkin

Daniel Goodkin examines the pitfalls surrounding valuers’ negligence

In Tuita International Ltd (in Liquidation) v De Villiers Surveyors Ltd (Chancery Division, 20 March 2015) the court granted summary judgment on a novel point of causation of loss in valuer’s negligence claims where there has been refinancing and re-mortgage.

The facts

Under a facility agreed in April 2011, the claimant lender loaned the borrower approximately £2.2m in reliance on the defendant valuer’s February 2011 valuation. That valuation was not alleged to be negligent.

The borrower subsequently applied to refinance and increase his borrowing to £3m with the same lender by way of a new facility. The same valuer provided a second valuation report in November 2011. It was assumed for the purposes of summary judgment that the November 2011 valuation was negligent and that the lender had relied on it in agreeing to lend up to a total of £3m. It was further assumed that the lender had redeemed the first mortgage and charge and that the money advanced under the second facility was

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

DWF—19 appointments

DWF—19 appointments

Belfast team bolstered by three senior hires and 16 further appointments

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Knights—Ella Dodgson & Rebecca Laffan

Knights—Ella Dodgson & Rebecca Laffan

Double hire marks launch of family team in Leeds

NEWS
Bea Rossetto of the National Pro Bono Centre makes the case for ‘General Practice Pro Bono’—using core legal skills to deliver life-changing support, without the need for niche expertise—in this week's NLJ
In this week's NLJ, Steven Ball of Red Lion Chambers unpacks how advances in forensic science finally unmasked Ryland Headley, jailed in 2025 for the 1967 rape and murder of 75-year-old Louisa Dunne. Preserved swabs and palm prints lay dormant for decades until DNA-17 profiling produced a billion-to-one match
Artificial intelligence may be revolutionising the law, but its misuse could wreck cases and careers, warns Clare Arthurs of Penningtons Manches Cooper in this week's NLJ
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Writing in NLJ this week, Victoria Rylatt and Robyn Laye of Anthony Gold Solicitors examine recent international relocation cases where allegations of domestic abuse shaped outcomes
back-to-top-scroll