Issues that may arise after receipt of the VOA's final report: penalties
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.