- This topic has 1 reply, 1 voice, and was last updated 14th April 2018 at 4:11 pm by
.
-
Posts
-
The question of negligence would depend upon all the facts and an adviser would not automatically be negligent if he failed to obtain a valuation. It would be sensible however to advise the client in writing of the merit in obtaining a valuation. In cases where the amounts make a valuation difficult to justify, it may be sensible nonetheless to say to the client that ideally a valuation should be obtained but that the costs could be disproportionate. You could briefly explain the risks in not having one ie
makes it harder to justify the value later on if challenged, lose the protection of SP1/06 Langham v Veltema disclosure) and then ask the client for instructions. It is the client’s decision once advised of the risks and that way you will have protected your own position. It may be worth alerting the client also to the potential difficulties you allude to in actually getting a valuer to express an opinion.
