ABSTRACT
The word “property” means the right that a person has in land or goods. So, in valuing land, the valuer is estimating the value of the rights (the property) that a person has in that land. Obviously a valuer has to understand the scope of these rights in order to carry out a competent valuation. If, for example, the valuer is valuing a freehold, it is necessary to understand what legal rights are embodied in that freehold as well as any legal restrictions on those rights. Such rights and restrictions are the subject of land law. Land in this context includes buildings and parts of buildings – section 205(1)(ix), Law of Property Act 1925.
