In this issue, RORY LAVELLE introduces the Valuation Surveying Professional Group, and JOHN DAWSON describes the work of the Rural Agency Professional Group.
Valuation Surveying Professional Group
Membership of the Valuation Surveying Professional Group is made up of professionals working in all areas of property valuation. The Group also includes surveyors with specialist expertise in rateable valuations, rent reviews/landlord and tenant work, and compulsory purchase orders.
The work of a valuation surveyor involves carrying out property valuations for various purposes, including valuations for secured lending for banks, company accounts, tax purposes, court work and general advice.
In recent years, valuation surveyors have been employed in undertaking property valuations arising from the transfer of loans to NAMA. These valuations must be compliant with RICS Valuation Standards, more commonly known as the Red Book.
This Standard is now mandatory for all members.
One of the most important roles of the Valuation Surveying Professional Group is the provision of CPD related to Red Book compliance. A new edition of the Red Book is due, so updates for members, both in the Professional Group and in the Society as a whole, are very important in order to make members aware of the levels of compliance required and any changes. The Group also worked with the RICS to produce the Irish and residential chapters of the Red Book.
In the coming months the Group will be closely involved in the launch of the RICS Valuer Registration Scheme in Ireland, which will reinforce professional standards by requiring all valuers to be registered. The Group also expects to have a role in disseminating information regarding changes to the Valuation Act that will, among other things, change the manner in which the national revaluation process for commercial rates is conducted.
Obviously we will work with colleagues in the residential professional group on whatever scheme of valuation is decided on by Government for the calculation of the new property tax.
Valuation surveyors interact with residential and commercial colleagues on property valuations, and also work with quantity surveyors on new developments.
Rural Agency Professional Group
Established in May 2011, the Rural Agency Professional Group currently has a committee of 13 members from a range of professional areas, including expert valuers in forestry, experts in land improvement regulation, expert witnesses, and residential and commercial agency Chartered Surveyors. Many come from a farming background, which gives them a valuable insight into the important issues around land sales and letting.
Chartered Rural Agency Surveyors have a high level of expertise in farmland, forestry and rural property – including extensive technical knowledge in land valuation – at a local and national level.
The Rural Agency Professional Group is very involved in engaging with Government on issues concerning land and property in rural Ireland, particularly issues that affect land value. Of current interest is the issue of CAP reform and its implications. The Group is also concerned about land mobility, and argues strongly for reform of policy and legislation on land transfer within families, particularly with regard to tax liability and entitlements. The Group is also involved in raising awareness among colleagues about the implications of the ending of milk quotas in 2015 for land sales and demand.
The Group has hosted two high-profile CPD events since its formation. November’s seminar included presentations from the Minister for Agriculture, Food and the Marine, Simon Coveney TD, Editor Matt Dempsey and Shirley Busteed of the Irish Farmers Journal, Shay Arthur from the Property Registration Authority, and Teagasc Director Professor Gerry Boyle.
The seminar on May 16 featured presentations from Declan McEvoy of IFAC Accountants, Thomas Ryan of the IFA, Ivan Grimes of the Department of the Environment, and Tom Cannon CIArb. The members of the Rural Agency Professional Group can offer support and advice to colleagues on a range of issues related to land and planning, from where to go for soil samples, to providing tax advice for investors, advising on how to approach the purchase of land that is in dispute, short-term letting agreements for tillage and grazing, and long-term leases.
Chairman, Rural Agency Professional