Scottish Property Valuation: Some Important Factors Since the Land Reform Act of 2003
Hines, Mary Alice
Washburn University. School of Business
Kaw Valley Bank
The Scottish and U.S.-owned real property valuation companies in Scotland need real estate appraisers that are capable of valuation work in both the R.I.C.S.- and the U.S.-related valuation systems for U.S. and other Scottish land owners. The appraiser needs to be aware of the feudal system foundation for the Scottish property system. A small amount of allodial property exists alongside the property under the feudal system. The valuer needs some knowledge of the Land Reform Act of 2003, the Scottish Parliament, the use of the English language, Scotland's general location, its culture, its workforce characteristics, the crofting system, the land ownership patterns, and the legal age for property ownership. Valuations are impacted by the currencies used, property and value measurement systems, climatic conditions, the valuation dimensions of estate land, and lease characteristics. The valuer will find two land registration systems. Property value trends are briefly summarized.