On the face of it, it might seem that Diminution Valuations are only of any use to tenants in that they serve to 'cap' damages to the impact on the property's value, if this is lower than the actual Cost of Works. Whilst this is often the case, there are in fact situations in which Diminution Valuations are required by, and useful to, landlords.
There are situations in which a landlord will be well served by an informed and robust Diminution Valuation.
For example, to rebut a Diminution Valuation advanced by their ex-tenant, alleging little or no loss.
Or alternatively, if the landlord is not planning to do any (or most) of the claimed remedial works, paragraph 9.4 of the Dilapidations Protocol requires that the claim is supported by a Diminution Valuation prepared by a chartered valuation surveyor, rather than relying solely on a Cost of Works basis (by a chartered building surveyor).
Contact us for an initial no-obligation discussion about your case, at no charge.
CIArb exists for the global promotion, facilitation and development of all forms of private dispute resolution around the world to maximise the contribution that dispute resolution practitioners make
Paul J Raeburn
BSc (Hons) MRICS DipArb FCIArb
RICS Accredited Mediator
BSc (Hons) MRICS ACIArb
RICS Registered Valuer
"Regulated by RICS" confirms to potential clients that we can be trusted to deliver high standards of service. "Regulated by RICS" conveys a consistent message of confidence and quality to our clients.