194C.—(1) If the valuations accompanying the notice referred to in rule 194B(1) are by a qualified surveyor appointed pursuant to a request under rule 194A, the chargee must, within two months of when the notice was received, apportion the amount secured by the charge at the time referred to in paragraph 10(1) of Schedule 6 to the Act on the basis of these valuations.
(2) If the valuations accompanying the notice referred to in rule 194B(1) are not by a qualified surveyor pursuant to a request under rule 194A, the chargee must, within two months of when the notice was received, either—
(a)apportion the amount secured by the charge at the time referred to in paragraph 10(1) of Schedule 6 to the Act on the basis of the valuations accompanying the notice, or on the basis of other valuations agreed by the proprietor and the chargor, or
(b)request the President of the Royal Institution of Chartered Surveyors to appoint a qualified surveyor to value the registered estate and the other property subject to the charge.
(3) Where a qualified surveyor has been appointed pursuant to a request under paragraph (2)(b)—
(a)the chargee shall be liable for the costs of that appointment,
(b)the qualified surveyor shall act as an arbitrator and the provisions of the Arbitration Act 1996 shall apply,
(c)the proprietor and the chargee shall be parties to the arbitration,
(d)the chargor may elect to be joined as a party to the arbitration, and the qualified surveyor must ascertain whether the chargor so elects, and
(e)the proprietor and the chargor must allow the qualified surveyor access to the land any estate in which is subject to the charge.
(4) Where a qualified surveyor has been appointed pursuant to a request under paragraph (2)(b), the chargee must, within two months of when the valuations by the qualified surveyor were received, apportion the amount secured by the charge at the time referred to in paragraph 10(1) of Schedule 6 to the Act on the basis of those valuations.]
Textual Amendments
F1Rules 194A-194G inserted (10.11.2008) by The Land Registration (Amendment) Rules 2008 (S.I. 2008/1919), rule 2(1), Sch. 1 para. 61 (with rule 5)