The consideration of whether an agricultural tenancy exists is important due to the effect it has on the value of the freehold. It also may have a value in its own right (see Practice Note 5).
In preparing a valuation it is necessary to have an understanding of the legislation affecting agricultural holdings and in particular the rights and duties of both landlord and tenant. It is a complex subject and this Practice Note can only hope to give a brief outline. Further background reading of appropriate textbooks may be necessary - Scammell and Densham's Law of Agricultural Holdings (Seventh Edition) is held in Regional libraries.
The Practice Note falls into five parts:
Part 1. A Summary of Relevant Legislation - (1) Agricultural Holdings
Part 2 A Summary of Relevant Legislation - (2) Agricultural Dwellings
Part 3. Essentials of a Tenancy
Part 4. Security of Tenure
Part 5. Rent Reviews