Jurisdiction(s):
United Kingdom

Bastholm v Peveril Securities: High Court (England and Wales) on overage expert determination—joint application, trustee in bankruptcy, court’s jurisdiction, and contractual (not statutory) time limits

Published on: 24 March 2023

Published by a LexisNexis Property expert

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Article summary

Bastholm and others v Peveril Securities (Dalton Park Retail) Ltd and others [2023] EWHC 438 (Ch)

Background

The dispute concerned a demand for overage under a Payment Deed connected to the creation of a large designer outlet and retail centre at Dalton Park, County Durham. The Deed identified the ‘Seller’ as five named individuals and set out a valuation process by expert determination, to be initiated by an application to the Royal Institution of Chartered Surveyors (RICS). In 2014, those five applied to RICS seeking the appointment of an expert to assess the value of development said to have occurred in 2002. By that time, one of the five had been adjudged bankrupt and later discharged, and his Trustee in Bankruptcy was not included in the approach to RICS. The first defendant, who owned the relevant land, contended that the application was ineffective because it was not made by the true ‘Seller’, as the bankrupt’s estate – including any choses in action – had vested in his Trustee in Bankruptcy. On that footing, the defendants maintained that any expert appointed pursuant to that RICS application lacked authority to proceed...

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