No. 215 Scottish Agricultural Rent Reviews
No. 215 Scottish Agricultural Rent Reviews
ISBN 978 1 901 434 67 5
Price: £80.00
Foreword
In its decision in Morrison-Low v Patterson, the Court of Session not only reviewed a number of aspects of the law governing agricultural rent reviews but made clear its expectations of experts in their evidence. That case also prompted the work of the Rent Review Working Group among whose November 2012 recommendations was the need for guidance to practitioners. This publication has been prepared in response to assist professionals conducting agricultural rent reviews, in terms of procedure, negotiation, assessment and dispute resolution.
It has been prepared by a working group of James Dick, Ian Duncan Millar, Alasdair Fox, George Gourlay, Malcolm Strang Steel, Andrew Wood with myself and Jeremy Moody, variously as for the CAAV, RICS Scotland and SAAVA and bringing a wide range of skills and experience, valuation and legal to the work. Throughout, the drafting and work between meetings has been developed by Jeremy Moody in consultation with members of the group. We are grateful for the assistance and positive approach of others, both in response to our consultation on an advanced draft and when asked for help on specific points as well as the Scottish Government foe the support it has given us in this.
We have endeavoured to set out the issues and methodology for use in a world with individual circumstances, often imperfect evidence and rapidly changing economics. As the first text on this subject since that by Fraser Barraclough before the 2003 legislation, we have had to cover much new ground and review the understanding of existing issues to reflect the state of professional knowledge in 2013. In particular, we offer the first extended commentary on the issue of scarcity which may yet be the basis for further development. More generally, the first edition of a comprehensive text may naturally be followed by further professional discussion enhanced by practical experience.
Finally, I commend this publication to all who will be working in this area, to use and interpret wisely. We stress that valuation is a practical art of appraisal and judgement with the framework provided by the law. To aid this, we offer a range of illustrations of some of the points in the text, not as templates or models but to cast light on approaches that might be taken. Throughout, we encourage practicality and negotiation, as regular rent reviews allow for the discussion of all issues between landlord and tenant, to the good of the people, the holdings and the industry.