Land: valuation: Valuation Office Agency: small valuations: no need to refer
The limit set out in CG74102 should not be used where the interest to be valued is a lease.
The value of a leasehold interest may not increase over time in the same way as the value of a freehold interest. As the lease period comes to an end the value of the lease may decrease rather than increase.
The limit in CG74102 should not be used where the price obtained at the date of sale cannot be relied upon.
For example, if the land is sold to a connected person or in a transaction which is not at arm’s length (see CG14530) the price achieved may not reflect the true value of that property at the date of sale. So there may not be the same relationship with the value at 31 March 1982.
The limit in CG74102 may be inappropriate where you have multiple valuations in view of the cumulative impact of sums involved even though they may be individually below the limits. Here you may consider a selective or sample based approach under CG74082.
ALL VALUATIONS AT ANY OTHER DATE, OR OF ANY OTHER INTEREST, REGARDLESS OF SIZE ARE TO BE REFERRED TO THE VALUATION OFFICE AGENCY.