18Ratio of loan to value

18 Ratio of loan to value (1) A trustee lending money on the security of any property on which he or she can lawfully lend shall not be chargeable with breach of trust by reason only of the proportion borne by the amount of the loan to the value of the property at the time when the loan was made, provided that the loan was made in accordance with this section. (2) A loan shall be deemed not to have been made by a trustee in accordance with this section— (a) unless the trustee acts upon a report of the value of the property made by a person reasonably believed by the trustee to be a competent valuer and instructed and employed by the trustee independently of any owner of the property, whether the valuer carries on business in the locality where the property is situated or elsewhere; and (b) unless the loan is made upon the advice, expressed in the report, of the valuer; and (c) unless the amount of the loan is not more than 2/3 of the value of the property as stated in the report.