The number of claims accelerated recently which the company put down to “no win, no fee” lawyers seeking to take a punt on contesting valuations made before the advent of the credit crunch.
The nature of these claims, relying on subjective property valuations made many years ago according to the company, has resulted in a number of long and very costly legal cases with associated legal fees often much larger than the claims themselves.
Spicerhaart has endeavoured to settle legitimate claims over the past five years on behalf of Woltons, despite Woltons being a totally standalone subsidiary with no recourse to the assets of the group.
The costs of dealing with these claims have risen to astronomical proportions as lawyers argue over the intricacies of the valuations made many years ago.
H.C.Woltons & Sons, a surveyor and valuation provider, was first established in 1910. Spicerhaart subsequently acquired H.C. Wolton & Sons Ltd in 1995. The company ceased trading in 2007 when Spicerhaart decided to refocus its surveying and valuation business.
A Santander spokeswoman said that the liquidation of Woltons would not affect the bank’s relationship with Spicerhaart’s current surveying and valuation business Valunation.
The spokeswoman said: “Woltons was formerly a member of our surveyor panel until it ceased to trade some years ago.
“Subsequently Valunation became a panel member and that position is not affected by the recent announcement.
“However as with all panel appointments, the bank continues to review the levels of quality and service it receives from its members.”
