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I retired after being a partner in a Gp practice owning the premises. I was paid out in August 2012 after three valuations from local estate agents. My fellow partner retired 8 months after me. We all put in the same amount of money originally in 1989. When I was paid out in August 2012 the valuation was based on three local valuations was £286,000. My partner, after going to arbitration, has the valuation of £410,000 2 weeks ago. There has been no local change in property prices. My partner appealed to arbitration from a fellow of the College of Chartered Surveyours as agreed in the contract.
We always thought we were undervalued as in 1989 the poperty and upgrading cost £280,000.
Beacause local property in the same street were valued higher
Yes I signed a contract to sell and was paid.
My beef is that I set up the practice at the same time as my partner ( in a four man practice ) and I am the only one who will lose out on £30,000. I got £71,500. My retired partner ( 8 months later ) is to get £102,500 and the remaining two partners will have a bench mark of the property now being valued at £410,000. This has all changed within 8 months