This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
12.—(1) Where no agreement can be reached on the value of the premises, either party may serve on the other a notice (the “valuation notice”) requiring the amount to be determined by a chartered surveyor.
(2) Where a valuation notice has been served, the appointment of a chartered surveyor must be agreed by the parties within one month of the service of the valuation notice and, where agreement on such appointment cannot be reached, either party may request the President of the Royal Institution of Chartered Surveyors to appoint a chartered surveyor.
(3) Where a chartered surveyor has been appointed in accordance with paragraph (2), the following provisions apply as appropriate—
(a)where the appointment has been made by the President of the Royal Institution of Chartered Surveyors, the parties are to be equally liable for the costs of that appointment;
(b)unless the parties agree that the chartered surveyor is to act as an independent expert, the surveyor will act as an arbitrator and the provisions of the Arbitration Act 1996(1) apply; and
(c)where the chartered surveyor acts as an independent expert—
(i)the parties will be bound by the chartered surveyor’s final decision; and
(ii)each party must bear their own costs and be equally liable for the fees and costs of the chartered surveyor.
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
