SVM115080 - Liaison with Valuation Office Agency and other offices: Property subject to Building Works

Where property is subject to incomplete building works at the valuation date or is a development site the first question is whether the company had entered into a binding contract at the date of valuation.

If it had then we should ask the Valuation Office Agency (VOA) to value the property at the relevant date as if the work had been completed. SAV should then deduct the cost of completion as a liability of the company.

In many cases a company will be developing a site and will not have entered into a binding contract for the sale of the completed properties. In those cases the VOA should be asked to value the land and buildings in the state they were in at the valuation date.

Additional Guidance: SVM150000