Commercial property loan valuations in the UK : the changing landscape of practice and liability

This paper is the first of two which aim to examine the major legal liability implications of changes to the commercial property loan valuation process caused by the recession in the UK property market and to make recommendations to valuers and their professional institutions to improve the quality of the process and the result. This paper identifies the market background to commercial property lending and discusses the implications of the falls in value for lenders and valuers. These include two major strands; first, the outcome of discussions between the representative bodies of these two groups and, second, the increasing litigation caused by lenders suing valuers for professional negligence. The discussions between representative groups have driven a debate on the valuation process leading to a number of reports and guidance notes. This paper discusses the outcomes paying particular attention to the basis of valuation for loan purposes and the provision of additional information in valuation reports. This paper also reviews the legal framework which influences the relationship between the lenders and valuers and discusses the duty of care. The role of instructions in the valuation process, the significance of the identity of the person to be advised and the possibility of a conflict of interest arising are all considered. The paper also addresses the issue of the standards required of a commercial loan valuer, including how this is interpreted by the courts and the legal status of professional guidance notes. The paper concludes by identifying potential areas for dispute within the loan valuation process and raising a number of research questions concerning the operation of this process which are addressed in a following paper.

New evidence from Southern Jordan: rethinking the role of architecture in changing societies at the beginning of the Neolithic process

The development of architecture and the settlement is central to discussions concerning the Neolithic transformation asthe very visible evidence for the changes in society that run parallel to the domestication of plants and animals. Architecture hasbeen used as an important aspect of models of how the transformation occurred, and as evidence for the sharp difference betweenhunter-gatherer and farming societies. We suggest that the emerging evidence for considerable architectural complexity from theearly Neolithic indicates that some of our interpretations depend too much on a very basic understanding of structures which arenormally seen as being primarily for residential purposes and containing households, which become the organising principle for thenew communities which are often seen as fully sedentary and described as villages. Recent work in southern Jordan suggests that inthis region at least there is little evidence for a standard house, and that structures are constructed for a range of diverse primary purposes other than simple domestic shelters.

Changing climate and the Irish landscape

The impacts of current and future changes in climate have been investigated for Irish vegetation. Warming has been observed over the last two decades, with impacts that are also strongly influenced by natural oscillations of the surrounding ocean, seen as fluctuations in the North Atlantic Oscillation and the Atlantic Multidecadal Oscillation. Satellite observations show that vegetation greenness increases in warmer years, a feature mirrored by increases in net ecosystem production observed for a grassland and a plantation forest. An ensemble of general circulation model simulations of future climates indicate temperature rises over the twenty-first century ranging from 1°C to 7°C, depending on future scenarios of greenhouse gas emissions. Net primary production is simulated to increase under all scenarios, due to the positive impacts of rising temperature, a modest rise of precipitation and rising carbon dioxide concentrations. In an optimistic scenario of reducing future emissions, CO2 concentration is simulated to flatten from about 2070, although temperatures continue to increase. Under this scenario Ireland could become a source of carbon, whereas under all other emission scenarios Ireland is a sink for carbon that may increase by up to three-fold over the twenty-first century. A likely and unavoidable impact of changing climate is the arrival of alien plant species, which may disrupt ecosystems and exert negative impacts on native biodiversity. Alien species arrive continually, with about 250 dated arrivals in the twentieth century. A simulation model indicates that this rate of alien arrival may increase by anything between two and ten times, dependent on the future climatic scenario, by 2050. Which alien species may become severely disruptive is, however, not known.

The effects of a changing pollution climate on throughfall deposition and cycling in a forested area in southern England

This study compares two sets of measurements of the composition of bulk precipitation and throughfall at a site in southern England with a 20-year gap between them. During this time, SO2 emissions from the UK fell by 82%, NOx emissions by 35% and NH3 emissions by 7%. These reductions were partly reflected in bulk precipitation, with deposition reductions of 56% in SO4,38% in NO3, 32% in NH4, and 73% in H+. In throughfall under Scots pine, the effects were more dramatic, with an 89% reduction in SO4 deposition and a 98% reduction in H+ deposition. The mean pH under these trees increased from 2.85 to 4.30. Nitrate and ammonium deposition in throughfall increased slightly, however. In the earlier period, the Scots pines were unable to neutralise the high flux of acidity associated with sulphur deposition, even though this was not a highly polluted part of the UK, and deciduous trees (oak and birch) were only able to neutralise it in summer when the leaves were present. In the later period, the sulphur flux had reduced to the point where the acidity could be neutralised by all species — the neutralisation mechanism is thus likely to be largely leaching of base cations and buffering substances from the foliage. The high fluxes are partly due to the fact that these are 60–80 year old trees growing in an open forest structure. The increase in NO3 and NH4 in throughfall in spite of decreased deposition seems likely due to a decrease in foliar uptake, perhaps due to the increasing nitrogen saturation of the catchment soils. These changes may increase the rate of soil microbial activity as nitrogen increases and acidity declines, with consequent effects on water quality of the catchment drainage stream.

Changing direction on direction of fit

In this paper, I show that we should understand the direction of fit of beliefs and desires in normative terms. After rehearsing a standard objection to Michael Smith’s analysis of direction of fit, I raise a similar problem for Lloyd Humberstone’s analysis. I go on to offer my own account, according to which the difference between beliefs and desires is determined by the normative relations such states stand in. I argue that beliefs are states which we have reason to change in light of the world, whereas desires are states that give us reason to change the world. After doing this, I show how the view avoids various objections, including two from David Sobel and David Copp. The paper ends by briefly discussing the relevance of the view to the Humean theory of motivation.

Color adjectives and radical contextualism

Radical contextualists have observed that the content of what is said by the utterance of a sentence is shaped in far-reaching ways by the context of utterance. And they have argued that the ways in which the content of what is said is shaped by context cannot be explained by semantic theory. A striking number of the examples that radical contextualists use to support their view involve sentences containing color adjectives (“red”, “green”, etc.). In this paper, I show how the most sophisticated analysis of color adjectives within the explanatory framework of compositional truth conditional semantics—recently developed by Kennedy and McNally (Synthese 174(1):79–98 2010)—needs to be modified to handle the full range of contextual variation displayed by color adjectives.

Experimenting on contextualism

In this article we refine the design of context shifting experiments, which play a central role in contextualist debates, and we subject a large number of scenarios involving different types of expressions of interest to contextualists, including ‘know’ and color adjectives like ‘green’, to experimental investigation. Our experiment (i) reveals an effect of changing contexts on the evaluation of uses of the sentences that we examine, thereby overturning the absence of results reported in previous experimental studies (so-called null results), (ii) uncovers evidence for a ‘truth bias' in favor of positive over negative sentences, and (iii) reveals previously unnoticed distinctions between the strength of the contextual effects displayed by scenarios involving knowledge ascriptions and scenarios concerning color and other miscellaneous scenarios.

Transfers, contracts and regulation: a new institutional economics perspective on the changing provision of social housing in Britain

Social housing policy in the UK mirrors wider processes Associated with shifts in broad welfare regimes. Social housing has moved from dominance by state housing provision to the funding of new investment through voluntary sector housing associations to what is now a greater focus on the regulation and private financing of these not-for-profit bodies. If these trends run their course, we are likely to see a range of not-for-profit bodies providing non-market housing in a highly regulated quasi-market. This paper examines these issues through the lens of new institutional economics, which it is believed can provide important insights into the fundamental contractual and regulatory relationships that are coming to dominate social housing from the perspective of the key actors in the sector (not-for-profit housing organisations, their tenants, private lenders and the regulatory state). The paper draws on evidence recently collected from a study evaluating more than 100 stock transfer organisations that inherited ex-public housing in Scotland, including 12 detailed case studies. The paper concludes that social housing stakeholders need to be aware of the risks (and their management) faced across the sector and that the state needs to have clear objectives for social housing and coherent policy instruments to achieve those ends.

The earth, the sky and the water's edge: changing beliefs in the earlier prehistory of Northern Europe

There have been two kinds of study of ancient beliefs in the earlier prehistory of Scandinavia. One considers the impact of ideas which originated further to the south and east. It considers a cosmology based on the movements of the sun. A second tradition develops out of the ethnography of the circumpolar region and combines archaeological evidence with the beliefs of hunter-gatherers. It postulates the existence of a three-tier cosmology in which people could communicate between different worlds. This paper argues that certain elements that are thought to epitomize the ‘Southern’ system might have been suggested by existing ideas within Scandinavia itself. Both sets of beliefs came to influence one another, but they became increasingly distinct towards the end of the Bronze Age. This paper reconsiders the rock carvings, metalwork and mortuary cairns of that period and the Iron Age in relation to the process of religious change.