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VALUATION AND VALUERS
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VALUATION AND VALUERS . A valuation of See also:property may be required in view of a proposed See also:sale or See also:purchase, or in See also:order to ascertain the amount for which it will constitute a sufficient See also:security if mortgaged, or which should be paid by way of See also:compensation where it is compulsorily taken or wrongfully damaged. It may also be necessary with a view to the See also:assessment of property for rating, or for fiscal or other purposes. Where it is desired to ascertain the amount which may properly be invested in the purchase of See also:land or buildings, the valuer will consider their See also:character and situation, and the greater or less degree of See also:risk incidental to their nature, in order to determine the See also:rate of See also:interest which they ought to yield. The valuation will proceed upon the basis that the property should return to the purchaser the See also:capital which he invests together with interest at the rate so settled, or afford him security for such interest while he keeps the property and the return of the capital when he desires to realize it. Accordingly, the See also:net See also:rent which it may be expected to yield must be ascertained by deducting the known and estimated outgoings and any other allowances which have to be taken into See also:consideration from the See also:gross amount which a knowledge of the See also:local circumstances indicates as the probable return. Where the property is leasehold held for a See also:term of fixed duration, the number of years' purchase will depend upon the length of the unexpired portion of the term, and can be ascertained without See also:special calculation by reference to a table in See also:common use. If the duration. of the term or other interest in the property is uncertain, as, for example, in the See also:case of a See also:lease for lives, the number of years' purchase which may fairly be taken will be found in some other of the tables (e.g. Inwood's or Willich's), which have been prepared to meet the different classes of cases with which valuers have to See also:deal. If the property is See also:freehold the number of years' purchase can be found by dividing one See also:hundred by the rate of the interest required. A valuation or appraisement, under See also:English See also:law, need not be stamped where it is made (I) for, and for the See also:information of, one party only, and is not obligatory as between parties; (2) in pursuance of the order of a See also:court of See also:admiralty or on See also:appeal therefrom; (3) of property of a deceased See also:person for the information of an executor, or other person required to deliver an See also:affidavit of the See also:estate of such deceased person; or (4) of any property for the purpose of ascertaining the See also:legacy or See also:succession or See also:account See also:duty payable in respect thereof. Any other valuation or appraisement, whether of property or any interest therein or of the See also:annual value thereof, or of any dilapidations or of any See also:repairs wanted or of the materials and labour used, or to be used, in any See also:building or of any artificer's See also:work, must be stamped. An See also:appraiser who makes an appraisement or valuation chargeable with See also:stamp duty must, within fourteen days after making it, write it out in words and figures showing the full amount thereof upon duly stamped material. If he omits to do so, or in any other manner discloses the amount, he becomes liable to a See also:fine of £5o. Any person who receives from an appraiser, or pays for the making of, any such appraisement or valuation not so written out and stamped, becomes liable to a fine of £20. Where a See also:contract has been made for the sale of property at a valuation, a valuation made in accordance with its terms will be conclusive as between the parties, in the See also:absence of See also:fraud, See also:collusion or See also:mistake. Where there has been an agreement to sell goods on the terms that the See also:price-is to be fixed by the valuation of a third party and such third party cannot or does not make such valuation, the agreement is avoided ; but if the goods or any See also:part thereof have been delivered to and appropriated by the buyer he must pay a reasonable price therefor. Where the third party is prevented from making the valuation by the See also:fault of the seller or buyer, the party not in fault may maintain an See also:action for See also:damages against the party in fault. Where the fixing of a value by valuers is not of the essence of an agreement, but is wholly subsidiary to it, the courts will, if See also:justice require it, ascertain the value in order to carry the agreementinto effect. Where an agreement had been entered into for the sale of a See also:house at a fixed price and of the See also:fixtures and See also:furniture therein at a valuation by a person named by both parties, and he undertook the valuation but was refused permission by the vendor to enter the premises for that purpose, the vendor was ordered to allow the entry so that the valuation might proceed. A person who exercises the calling of an appraiser or who, for or in expectation of any See also:fee or See also:reward makes any valuation or appraisement chargeable with stamp duty, must (unless he is licensed as an auctioneer or house See also:agent) have an appraiser's See also:licence, upon which a duty of £2 is charged and which continues in force from the See also:day of its date until the following 5th of See also:July. By See also:default in this respect a liability to a See also:penalty of £5o is incurred. Moreover, an unlicensed appraiser cannot recover remuneration. A valuer is liable to the person who has employed him for the consequences of See also:negligence or want of due care and skill on his part. If his services are thereby rendered worthless he will not be able to recover anything by way of remuneration. A valuation of a house taken by a railway See also:company made by a surveyor who did not enter the house was held not to be a proper valuation. Although a valuer cannot be expected to possess a See also:minute and accurate knowledge of the law, he ought to be acquainted with the See also:general principles applicable to the valuations which he undertakes so far as is necessary in order to enable him to make them properly. The valuer, however, will be liable for the consequences of his negligence only towards the person who employed him, and not to any one else who may happen in fact to have been prejudiced thereby. (H. Additional information and CommentsThere are no comments yet for this article.
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