It was Lord Birsay, chairman of the Scottish Land Court in the 1960s and 1970s, who observed shrewdly that valuation is not a precise science.
But how do you ensure that valuation is as precise as it can be? The answer, I suggest, lies in experience and expertise.
Valuations of rural property, such as farms, estates and country houses, can be required for a variety of reasons, such as secured lending, inheritance tax, capital gains tax or other taxation purposes, probate, separations of partnerships as well as pre-sale assessments, development appraisals or even to aid purchase negotiations.
Valuations for secured lending purposes are viewed as insurance policies by lenders to provide them with comfort to lend to a loan to value ratio against the property. So it is absolutely vital that valuations are carried out accurately at the date of valuation.
CKD Galbraith has invested substantially in ensuring that the valuation work undertaken by the firm and carried out by our RICS Registered Valuers from our offices across Scotland is accurate and up-to-date. Through the development of a bespoke Geographical Information System-based database that collates sales information for analysis from across the country, we can ensure that the most relevant evidence is used for valuation.
The valuers work hand in hand with the farm sales team and share information, market trends and commentary, all of which contribute to the accurate valuation of properties. CKD Galbraith's valuers are panel members of all high street banks in Scotland, some of which use Central Valuation Network (CVN) to appoint valuers on their behalf.
It should always be borne in mind that a valuation is an opinion of market value at a single point in time and depends on the expert knowledge of the valuer and their interpretation of the available information.