ABSTRACT
Whilst the precise nature of the instruction letter will turn on the requirements of the individual valuation, most practices now operate with a series of standard templates. Consequently, many will enjoy visiting and inspecting farms and land and there is no doubt that effective inspection is at the core of every valuation. In addition to the letter of instruction, most valuers also send out standard terms of reference or engagement for valuations which set out terms and conditions which will apply to all valuations. The mechanics of arising at a valuation will be explored in subsequent chapters. The point which bears repeating here is that the calculations, as well as being logical and checked for accuracy, should be set out so that they will be intelligible, whether to the author or a colleague, in the future. The Red Book and other similar publications provide guidance to valuers on the processes and procedures to be adopted in undertaking a valuation.
