CHAPTER 5 VALUATION OF LAND

Section 63: Assessment of value of land

Subsection (1) requires that, within 7 days of receiving confirmation that the community body wishes to exercise its right to buy, or within 7 days of receipt of an application for late registration (whichever applies), Ministers must appoint a valuer to provide an assessment of the value of the land. However, under subsection (2), the validity of the provisions is not affected if Ministers fail to comply with this time limit.

Subsection (3) makes clear that in arriving at the valuation, the valuer is acting for neither the community body nor the landowner.

Subsection (4) states that the valuer is to assess the market value of the land as at the date when the landowner gave notification regarding the action which triggered the right to buy; or at the date Ministers received a late application.

Subsection (5) makes clear that any salmon fishings or mineral rights shall be valued separately from the land.

Subsection (6) defines market value, and subsection (7) states that in assessing market value, the valuer may take account (insofar as any market sale would do so) of any factors to do with a person (but not the community body) willing to pay a higher price for the property than others, because of a particular characteristic of the property. However, the valuer shall take no account in his/her valuation of the land of the provisions of this Part relating to the registration of, and right to buy, land; the absence of any period where the land would, in an open market sale, be advertised for sale; any unlawful use of the property; any depreciation in value of any other land owned by the seller; or of expenses related to the valuation and transfer of the land.