We will guarantee that our reports are to the standard demanded by HMRC and therefore acceptable to them. Please note that this does mean that valuation figure will also be accepted, but a fully compliant report is less likely to be queried.

There are very few valuation firms with experience in land, whether that's development land, farmland or equestrian. One of our Partners is a Land Agent with over 20 years experience in valuing and managing agricultural property including complusory purchase compensation, agricultural tenancies and valuing agricultural property relief.

Agricultural Probate Valuations

At Fallows, we provide specialist RICS Red Book agricultural probate valuations for farms, farmland, and rural estates across the South of England — from Kent in the east, Dorset in the west, and up to Oxfordshire in the north. 

Agricultural property brings with it complexities that are very different from standard residential valuations. Factors such as tenancy agreements, development potential (“hope value”), and eligibility for Agricultural Property Relief (APR) can significantly influence market value and Inheritance Tax (IHT) exposure.

The Impact of Agricultural Tenancies

The type of tenancy in place can drastically alter value:

• AHA Tenancies (Agricultural Holdings Act 1986): Often provide lifelong security of tenure, sometimes passing to the next generation. This security reduces market value substantially compared with vacant possession land.
• FBT Tenancies (Farm Business Tenancies, post-1995): Typically shorter, more flexible agreements. These tend to have less impact on value but may still impact values. 
• Tenant Improvements: If your tenant has erected buildings, built yards, or improved farmland, then to some extent we may have to ignore these or factor in the cost of the landlord having to buy these assets. 
• Secure Farm Workers’ Accommodation: Properties with tied or protected occupancy rights are difficult to sell freely and usually attract a discount compared with unrestricted cottages or houses.
• Other Occupational Arrangements: Equine licences, grazing agreements, and seasonal lets all have different effects on open market value.

Our valuations carefully consider the tenancy framework, rent levels, and statutory rights so that executors receive a clear, defensible market value for probate purposes.

Hope Value and Development Potential

Some farmland and estates carry hope value for the possibility of future development, subject to planning. However, Hope Value is often not as much as people expect. At the end of the day, the value needs to reflect what somebody woudl pay for the farm at the date of death, and very few straetgic land buyers exist who will invest in remote opportunities. Such premiums must be assessed realistically and evidenced by planning policy context, local sales, and constraints (e.g. AONB, floodplain, or infrastructure).

We provide balanced, evidence-based reporting so that HMRC receives a figure that properly reflects both the agricultural and development potential.

Agricultural Property Relief (APR)

A major consideration for executors is the potential availability of Agricultural Property Relief (APR), which can reduce IHT by up to 100% on qualifying assets. APR may apply to:

• Farmland in agricultural use
• Farmhouses and cottages occupied for the purposes of agriculture
• Modern & traditional farm buildings used for agricultural production

Our reports always include an assessment of APR eligibility and a clear explanation of how this interacts with tenancy status and land use. This ensures solicitors, executors, and beneficiaries understand the potential for relief and the areas where HMRC may raise queries.

Comprehensive Red Book Reports

Every agricultural probate valuation is prepared in line with the RICS Red Book, providing:

• Full inspection and description of the land, buildings, and occupation arrangements
• Clear analysis of tenancies and their statutory implications
• Assessment of market value as at the date of death, with supporting comparable evidence
• Consideration of APR and its effect on IHT exposure
• Transparent explanation of methodology

This approach ensures our reports are robust, defensible, and accepted by HMRC.

Estate Agents can be conflicted when giving valuation advice, because the work might lead to a subsequent sale or instruction. We are Chartered Surveyors and therefore give trust and compliant reports to teh standards required by the RICS and HMRC.

Our Smart Map uses Land Registry data. You can zoom in, see your property boundaries, select your property, and then that gets sent to Fallows. We can then quickly determine whether you live in a cottage or a castle and can therefore give you a genuine fixed price quotation. No awkward telephone calls trying to explain the piece of land you might own, and the comfort of receiving a fixed price quotation.

Whenever we visit a property, a Valuer will always have a drone with them. Sometimes these are useful to a get a better look a roofs or extensive land areas. We provide the video footage to you free-of-charge.