The VOA (
IHTM23002) instructions contain
background on our practice in respect of under- valuations. Where
the minimum relevant criteria to trigger consideration of penalties
(
IHTM36122) are met, VOA will provide
factual background, plus copies of relevant documentation
(including the parties initial professional valuation) and
correspondence, about the relevant factors pertaining to the
initial valuation offered and the subsequent increase in valuation
agreed, when sending their agreed report. Should they inadvertently
overlook this requirement, ask for the appropriate information to
be supplied.
Any case where penalties have arisen as a result of VOA work
(such as, where there has been an under-value of land in the
original Account) should be forwarded to Our Valuation Office
Liaison) before closure. This is so that the VOA may be given some
feedback in such cases.
