A land valuation surveyor provides a specialist, independent service on the value of a particular plot of land. It’s true that two separate pieces of land sitting side by side can have different values – factors such as planning potential, restrictions, and land quality can make a huge difference.
For everyone from landowners and farmers to investors and developers, good advice is essential when large sums of money are involved.
What Is a Land Valuation Surveyor?
He or she is a property professional who specialises in assessing the value of land and, where relevant, associated buildings or other structures.
It’s more than just measuring the size and then applying an average price per acre. A competent surveyor will wantto understand the land, not just the area or market in which it sits,but legal and other practical factors that could affect its eventual value.
Factors could include:
- Location and accessibility
- Size, shape and configuration of the holding
- Existing land use
- Agricultural quality
- Buildings and other assets
- Tenancies, leases or licences attached to the land
- Rights of way and easements
- Utility infrastructure
- Planning status
- Development potential
The current demand for land in the area and nationally is also a big factor.
Who Might Need a Land Valuation?
An experienced surveyor will begin by understanding who it is for and why the valuation is required.
Agricultural businesses, for example,may need to understand the value of land, buildings and wider holdings. They might want to purchase more land, transfer particular plots to family members, or sell part of the estate.
Where land represents a substantial proportion of a family’s wealth, working from a solid independent valuation is critical and should help avoid future problems.
Dealing with Probate
Executors may want a professional valuation to establish the value of assets at the relevant date for probate and inheritance tax. Rural property can be challenging in this respect. There may be different aspects of the land, including farmland, buildings,and even residential property.
Buyers and Sellers
A land valuation surveyor can provide an independent set of figures before negotiations start when land is being bought and sold. The analysis can also reveal hidden issues that may need to be taken into account during the sale. .
Developers and Investors
There is a lotdevelopers need to consider, and it’s not just the land’s initial value but also whether it’s used for residential or commercial purposes. There’s also the impact of current planning policy, the infrastructure required, and any constraints a site may have that could make development more difficult.
Valuationcombined with good planning knowledge is important when it comes to developments and bringing on investors.
Lenders and Borrowers
Lenderswill normally require a professionalvaluation from a qualified valuer rather than a marketing or estate agentestimate. This is largely about withstanding financial scrutiny, in other words, ensuring that the numbers add up. With the large amounts of money often involved in these transactions, this is critical.
What Affects the Value of Land?
It’s true with land that small things can have a disproportionately large effect. Take access, for example. A plot of land with easy access from a highway is likely to be valued higher than one that can be reached only through another property.
Planning options are more significant. You can have one value for land suitable for agricultural use and another entirely for land being used to develop a housing estate.
Rights and restrictions can also impact value. This includes issues around wayleaves, easements, public rights of way, restrictive covenants and existing occupational arrangements.
The surveyor’s job here is to bring these strands together and develop a reasonable value based on the pros and cons.
Why Use a RICS Registered Valuer?
RICS Registered Valuers undertaking Red Book valuations are important when it comes to assessing a plot of land. They work within strict standards and employ a professional RICS-backed framework used for formal valuation work.
This is certainly important when the report is to be given to lenders, solicitors, accountants, tax advisers or other third parties.
A Red Book valuation is not simply an estate agent’s opinion of what might be achieved if the property were placed on the market. It is a formal valuation produced for a defined purpose using appropriate evidence and professional judgement.
Wignalls: Your Land Valuation Surveyor
Wignalls is a multidisciplinary chartered surveying and planning practice that operates across residential, rural and commercial property. Its team includes Chartered Surveyors, RICS Registered Valuers and Chartered Planning professionals. This allows us to handle different aspects of a landholding for our clients.
Our rural work includes:
- Agricultural valuations
- Land and property agency
- Estate management
- Landlord and tenant matters
- Compensation claims
- Renewables and infrastructure-related advice
We believe that there is considerable value in local market knowledge. Wignalls is based near Preston and works throughout Lancashire, West Lancashire, Merseyside and surrounding parts of the North West as well as nationwide. Our team understands the local nuances for property transactions and valuations, delivering expertise and experience for our clients.
A Clear View of What Your Land Is Worth
Whether you own a single parcel of land, a working farm, a development site or a wider rural estate, knowing its value can influence what you do next. Employing a professional valuation team ensures you have all pertinent facts at your fingertips, saving you time and money.
The important thing is to work from evidence rather than assumption.