These are carried out when there are claims of a surveyor having previously valued a property too high or too low at point of purchase.
Retrospective valuations for litigation purposes are required for court purposes in professional negligence claims – mainly when a surveyor is accused of excessively valuing a property.
Commonly, the report is usually requested by a solicitor acting on behalf of banks, or other lenders, that have relied on the disputed valuation.
Often, the borrower has defaulted on the mortgage, and the lender shows a financial shortfall after the property was repossessed, marketed and then sold.
Usually, the valuation is to be provided on the same terms and conditions, if known, that applied to the original valuation.
The valuer must have sufficient knowledge of the area and market at the specified date of the valuation.
Market conditions and evidence of values must reflect those available at the original valuation date.
The Red Book is to be adopted as it existed on the date of the original valuation.
Marwood Surveyors work hard to balance the conditions and limitations that any reasonable professional valuer would have experienced at the time of the original valuation, and then prepare our reports accordingly.