Mortgage Agency Services Number One Ltd v Edward Symmons Llp

Mortgage Agency Services Number One Ltd v Edward Symmons Llp

The appeal is allowed because the claims for break costs and hedging losses raise complex factual and expert issues that cannot be determined summarily or struck out at this stage. The proper constituents of recoverable cost of funds require evidence and cannot be resolved without trial.

Parties
Claimant/appellant: Mortgage Agency Services Number One Limited; Defendant/respondent: Edward Symmons LLP
Jurisdiction
England and Wales
Judgment Date
22 October 2013
Procedural Posture
Civil Appeal / Appeal From High Court (chancery Division) on Application to Strike Out or Summary Judgment
Outcome
appeal allowed
Legal Topics
Valuation Negligence, Cost of Funds, Hedging Losses, Break Costs, Summary Judgment, Striking Out Pleadings
Professional Negligence Banking and Finance Valuation Negligence Cost of Funds Hedging Losses Break Costs Summary Judgment Striking Out Pleadings

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Parties

Mortgage Agency Services Number One Limited

Claimant/appellant

Edward Symmons LLP

Defendant/respondent

Procedural Posture

Civil Appeal / Appeal From High Court (chancery Division) on Application to Strike Out or Summary Judgment

Legal Issues

  1. 1 Whether claims for 'break costs' and hedging losses are recoverable in a professional negligence claim against a valuer
  2. 2 Whether such claims should be struck out or determined summarily
  3. 3 Proper constituents of 'cost of funds' in a no-transaction case

Ratio Decidendi

The appeal is allowed because the claims for break costs and hedging losses raise complex factual and expert issues that cannot be determined summarily or struck out at this stage. The proper constituents of recoverable cost of funds require evidence and cannot be resolved without trial.

Court Disposition

appeal allowed

Orders

  • Order of the Deputy Judge striking out claims for break costs set aside
  • Claimants granted permission to amend particulars of claim as per drafts exhibited to the second witness statement of Mr Andrew Davies dated 30 May 2013