Manchester-based consultancy Stevens Scanlan has created a new forensic valuation division to assess legal claims in the wake of a property crash, while DTZ has expanded its corporate recovery operation as it gears up for a surge in property receiverships.
The moves come as legal firm Hammonds warns that the number of legal disputes in the construction sector is likely to mushroom.
Surveyors and valuers Stevens Scanlan has launched its specialist consultancy division to provide the forensic expertise increasingly sought by lenders, lawyers and accountants. It says it is seeing increasing levels of property litigation.
Partner David McKee, who will head the new consultancy, said: "Understandably in the current financial climate, there are increasing concerns that some properties, both commercial and residential, have been over-valued.
"Lenders, insurers and other professionals need the confidence of establishing their exposure arising out of property valuations and loan advances."
DTZ, with offices at Mosley Street, Manchester, and Savills, based at Fountain Street, have expanded their corporate recovery teams to take advantage of an expected record number of property businesses facing receivership.
Mike Mitchell, Manchester-based regional chairman at DTZ, said: "We have seen significant falls in UK property capital values of around 18 per cent since summer 2007, and further falls are anticipated later this year. However, this significant price correction has brought the UK regional markets back into the contemplation of a number of investors."
DTZ's investor intention survey reveals that 62 per cent of respondents expect to increase funds allocated to real estate in 2008.
In Manchester several large deals are expected to complete soon, with the £90m sale of the Great Northern leisure complex at Deansgate high on the list.
Capital & Regional is expected to sell to Chester Properties after a deal with Moorfield Properties collapsed.
Legal firm Hammonds warns that when cash flow becomes an issue, disputes become rife.
Manchester partner Paul Giles, who specialises in the sector, said: "In our experience of the construction industry, when firms are experiencing improving economic circumstances they are less inclined to pursue a claim. But, with the credit crunch reverberating around the property and construction sectors, disputes become a feature of the landscape."
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