We were asked to produce a valuation report to calculate the value of the freeholder’s interest to report to HMRC for probate.
1,300 acres of farmland, over 200,000 square feet of farm buildings and five houses, including an agriculturally tied dwelling, were all measured and inspected by two of our rural surveyors over the course of a day. This included an important and very useful ‘kitchen table’ discussion with the farmer and family, discussing the nuances of the farm, such as dates and values of acquisitions and sales, and reviewing plans of houses and the land.
Back at the office we undertook all the relevant searches including reviewing planning consents, tenancy agreements, title documents, establishing the soil quality and presence and impact of any rights of way.
We then used our extensive sales database to find comparable properties that had sold in the area. A detailed analysis allowed us to form an evidence-based opinion of the market value of the property, presented in a comprehensive report that can be reviewed by HMRC to substantiate the values reported.