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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31768
Experience:  Over 5 years in practice
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Can I challenge a property valuation that I have signed and

Customer Question

Can I challenge a property valuation that I have signed and have been paid for when later I find it undervalued. Three valuations ranged from £280,000. to £295,000. We settled on
£276,000. Six months later the property has been valued at £410,000. and another partner has ben paid out on this valuation.
Submitted: 4 years ago.
Category: Law
Expert:  UK-Justice replied 4 years ago.
Thanks for your question, my name is Nic I will do whatever I can to help you today.

-Could you explain your situation a little more?

Customer: replied 4 years ago.


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.

Expert:  UK-Justice replied 4 years ago.
Why was it undervalued if you got 3 valuations?
Customer: replied 4 years ago.

Thank you

Expert:  UK-Justice replied 4 years ago.
Sorry I asked why was it undervalued if you got 3 valuations?
Customer: replied 4 years ago.

Beacause local property in the same street were valued higher

Expert:  UK-Justice replied 4 years ago.
So how come all 3 valuations were wrong?

What do you want to achieve?

Did you sign any contract to sell?
Customer: replied 4 years ago.

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

Expert:  UK-Justice replied 4 years ago.
Was the contract in full and final settlement?

I also need to know how all 3 were wrong?