HOPE CAPITAL LTD v ALEXANDER REECE THOMSON LLP

[2023] EWHC 2389 (KB), King's Bench Division, Constable J, 27 September 2023

Scope of duty of care owed by valuer – Purpose of valuation – Duty did not extend to all consequences of entering into bridging loan

The claimant provided a bridging loan to St Anselm Heritage Properties Ltd ("St Anselm") of £2,215,440 on the security of Cedar House, a grade II listed building. One of the defendant's employees provided a valuation of the property which valued it at £4 million in a report dated 14 February 2018. St Anselm defaulted on the loan and receivers took possession of the property on 12 November 2018. It was eventually sold on 2 October 2020 for £1,400,001.