Valuations
11.—(1) This regulation applies when a valuation is necessary under these Regulations.
(2) The value of anything for the purposes of these Regulations must be initially assessed by the Department and notified, in writing, to the owner. Value must be determined by agreement between the owner and the Department and that agreement must be final and binding on both the owner and the Department.
(3) If the owner and the Department fail to agree the value, the owner must select a valuer (“the nominated valuer”) from a list of approved valuers provided by the Department and notify the Department of the name and address of the nominated valuer within 2 working days of receipt of the list.
(4) The owner must, within 5 working days of notification to the Department under paragraph (3), arrange for the nominated valuer to determine the value of the thing in question and must be liable for any fees or other expenses incurred by the valuer in carrying out the valuation.
(5) The nominated valuer must carry out the valuation within 5 working days of appointment and give to the owner and the Department a statement in writing of that valuation.
(6) The valuation is binding on both the owner and the Department.
(7) Where the owner or the nominated valuer fails to comply with paragraph (3), (4) or (5) as the case may be, the Department must determine the value of the thing in question.