Property Problems: What to do when a valuation goes wrong
Q. Three years ago I leased out a commercial property. The values were based on a rental valuation supplied by a registered valuer. The lease allowed for a rent review every two years. One year ago I requested a review from the same valuation company. The company was so busy it took eight months and many phone requests before I received the new rental valuation. The valuation had increased
Sunday, October 24th 2004, 7:04AM
by The Landlord
by $10,000 per annum. The valuer had previously under-measured the premises. The increase was specifically as a result of his initial incorrect measurement. I had missed out on the rental income of nearly $30,000.1. Is the valuer liable for my 32-month loss of rent?
2. Can I charge the tenant for the eight months of rent while waiting for the review?
A. First, it is necessary to consider the basis on which the initial valuation was undertaken. From your question it appears the valuer determined the area of the premises rather than you advising the area, which the valuer merely "accepted".
Read More - Opens in a new window
| « Oh dear, you're stuck with it | Site sought for hardware warehouse » |
Special Offers
Commenting is closed
|
|
Printable version |
|
Email to a friend |
