Dispute on value option land

Our client was selling some agricultural land and entered into an option with a house builder, who agreed to take on the risk of obtaining planning permission. This was awarded, but a dispute then arose about the value of the land, which threatened to derail the project entirely.

JK’s consultant was appointed as an expert witness to submit a report and opinion, on the true value of the land. As an expert, whilst paid by one of the parties, the primary duty is to the appointed arbitrator, to give a fair and true opinion to assist them in arriving at a fair decision. This entailed undertaking detailed research into the sale of land for similar developments, the sale price of houses for the planning consent obtained and the cost of construction - including the specific extra costs for developing this particular site, services and accessibility. JK submitted a detailed report, valuation and opinion with full justification to the arbitrator, as did the expert appointed for the other side. Each gave a critical assessment of the other's opinion before the arbitrator issued his determination on the price payable.

"Through a detailed investigation of values and costs, a true assessment of the value of the land was achieved."

Through a detailed investigation of values and costs, a true assessment of the value of the land was achieved. This resulted in a significant difference in the sale price that clearly justified our fees and delivered substantial value for money for our client.

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Managing Director, AHTO

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Development Director, Barratt Homes

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Chief Executive, Tees Valley Combined Authority

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Chief Executive, We are Umi

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