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 |
