ABSTRACT
The spectre of a claim for professional negligence is something which haunts every practising valuer. A very different approach emerges from the case of Omega Trust Co Ltd v Wright Son & Pepper, where valuers who had produced a valuation of commercial property for prospective borrowers agreed that it could be readdressed to a named lender. Valuers are not required to know the law to the same degree as would be expected of barristers or solicitors. In Corisand Investments Ltd v Druce & Co, a hotel valuer was held negligent in failing to take account of the work which would be required under the Fire Precautions Act 1971 to obtain a fire certificate. In Banque Bruxelles Lambert SA v Eagle Star Insurance Co Ltd, a loan to value ratio of 90" in a case involving commercial property was held to be a reasonable one for a lender to adopt.
