I have been undertaking expert witness valuations for use in litigation and court for over thirty years and two recent valuations really demonstrate the value of using an experienced and respected valuer.
I recently dealt with a complex valuation of a house sold in the countryside where neither the seller’s agent nor the buyer’s solicitor realised that there was an agricultural occupancy restriction and so the buyer, who was not a farmer, was left with a house that he was technically not allowed to live in. The occupancy condition only came to light several years after it had been sold when the new owner was seeking planning consent to extend it. The new owner sued his solicitor and I had to undertake expert valuations for the solicitors before and after and with and without the occupancy condition. These were then all agreed with the expert valuer for the homeowner thereby allowing the parties to reach an out of court settlement saving time, money and a lot of heartache.
In a very different case, I was instructed by one of the farming partners in a partnership split in North Wales. The farm was a large dairy and arable unit with a full complement of machinery and livestock and several hundred acres of owned land with three farmsteads. The freehold property included land with medium to long term development potential. Despite the complexity of the issues, I was able to agree values with the expert working for the other partners and a settlement was agreed. It was clear that the experience and skill of the valuers involved helped to avoid a protracted dispute and court case.
Unfortunately, not all parties are as willing to reach settlement even when values have been agreed. In another case, with underlying issues of family strife, the partners could not agree on the mechanics of a split and the matter is currently going to court. However, at least some of the salient issues have been narrowed down by the expert valuers and there is no doubt that experience counts for a lot in these matters. The mutual respect of experienced valuers within our profession often makes it easier to negotiate with the other side and reach a satisfactory agreement.
Mike Taylor can be contacted on 01630 692500 or m.taylor@barbers-rural.co.uk