Nykredit Mortgage Bank is considering revisiting its case against Edward Erdman over the handling of the marketing and sale of a property in Warple Way, East Acton.
The bank has issued a new writ against Edward Erdman Group and the receivers of the property, Colin Knott and Brian Harding. The bank is claiming damages for breach of written contract.
In June the House of Lords ruled that in the case of Nykredit Mortgage Bank v Edward Erdman Group valuers could not be held liable for losses resulting from a fall in the property market. The bank’s damages claim was reduced to the difference between the valuation figure and the correct value. If the parties could not agree on this it would have to be resolved by the trial judges.
NyKredit’s solicitor Clifford Chance refused to give any further details on the point of law in the latest writ, although it did confirm the same property was involved in both actions. She added that Nykredit has yet to decide whether to serve the writ.
UK Law News 06/11/96
EGi News 06/11/96
