We are noticing a significant increase in the enquiries and instructions for valuations. Very likely to be because of the proposed changes in the budget and the ongoing discussions following with accountants and solicitors, there are a few options for our clients who may be considering an up-to-date property valuation.
In their very nature, agricultural and rural property values can vary immensely. The proposition of future development, a restrictive covenant, overage clause, access issues, planning considerations are only a few of the long list of potential influencers of value!
The type of valuation report is important. When we get enquiries, its important to stablish why a client needs a valuation.
| RICS Red Book | Valuation for Sale Purposes | |
|---|---|---|
Valuer Status |
Must be an RICS Registered Valuer to carry out a Red Book Valuation. A new RICS Red Book that came into effect from 30th January 2025. |
No requirement for RICS professional membership for valuer or firm. |
Site Inspection |
√ |
√ |
Legal Documents |
Lease and Title Documents inspected |
Assumptions usually made but detailed |
Reporting |
Detailed reporting containing minimum standards from RICS – can be a large report in many cases. Must follow set parameters and processes, with definitions of key terms. |
Letter form – open to interpretation from many different professions and do not follow a standard form. |
Comparables and Transactional Evidence |
Comparable Evidence analysed – detailed investigations with local selling agents and recent transactions. |
Comparable Evidence analysed. |
Reliability |
|
Provided to give a recommendation for value should it be placed on the open market for sale. Only provided for the use of the vendor or/and purchaser in the “sale purposes” scenario. Cannot be used by any other third party and intended users stipulated in the letter. |
Market Value and Market Rent |
Defined parameters and definition provided by the RICS |
Values, sometimes as a range in more of a “Guide Price” format. |
Whilst the above summary does not cover every difference of these reports, it is useful to outline the main differences, and we hope this will be useful when discussing any valuation options you may have.
SECURED LENDING VALUATIONS
We are able to undertake secured lending valuations for agricultural and rural property; and are on the panel for Oxbury Bank https://www.oxbury.com/lending/
Selby Rural LLP is registered with the RICS and our Valuers are Registered Valuers with over twenty years experience in the North West. As Registered Valuers we must adhere to the highest standard complying with RICS rules and guidance.
Please do contact us to discuss the most appropriate valuation you may require on 01829423183.