RE3RPLV: Rural Property Law and Valuation

Module code: RE3RPLV

Module provider: Real Estate and Planning; Henley Business School

Credits: 20

Level: Level 3 (Honours)

When you'll be taught: Semester 1

Module convenor: Mrs Angela Cropley, email: a.cropley@henley.reading.ac.uk

Pre-requisite module(s): BEFORE TAKING THIS MODULE YOU MUST TAKE RE2APL (Compulsory)

Co-requisite module(s):

Pre-requisite or Co-requisite module(s):

Module(s) excluded:

Placement information: na

Academic year: 2024/5

Available to visiting students: No

Talis reading list: Yes

Last updated: 9 July 2024

Overview

Module aims and purpose

An understanding of rural property law and valuation is key for property consultants working in the rural sector. This module is designed to help prepare students for providing advice on rural landlord and tenant law and valuation issues in professional practice. It is largely based on the law as applied to property in England and Wales, although content on the differing statutory codes in Scotland and Northern Ireland is included, where relevant. 

The module aims to provide students with an opportunity to explore the legal relationships between rural landlords and their tenants, and the financial, technical, and market context of the appraisal of rural property value. It aims to develop an understanding of the legal codes that apply to different rural property types (agricultural; residential; commercial), and investigates the agricultural land market, the factors that influence it, and the methods of valuation that apply to rural property. 

Module learning outcomes

By the end of the module, it is expected that students will be able to: 

1. Provide advice for owners and occupiers of let rural property by applying their understanding of the law to different situations.  
2. Understand the different legal codes and their appropriateness to different types of agreement.  
3. Comment critically on the agricultural land market, and on the factors that influence it and the values of agricultural land.  
4. Demonstrate an understanding of the different methods of valuing rural property, including natural capital, and apply to different categories of rural property. 

Module content

• Agricultural holdings legislation 
• Farm business tenancies 
• Joint ventures 
• The legal framework governing residential property on the rural estate 
• The legal framework governing commercial property on the rural estate 
• Assessment of rental values 
• End of tenancy valuations 
• The UK market for agricultural property 
• Methods of valuing the different interests in rural property, and the application of statute to various valuation situations and compulsory purchase 

Structure

Teaching and learning methods

Lectures and seminars, for which students will be expected to carry out preparatory reading. Students will be encouraged, through guided discussion, to develop their oral communication skills through examples in seminars.  

Study hours

At least 30 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

Students need to achieve an overall module mark of 40% to pass this module.

Summative assessment

Penalties for late submission of summative assessment

The Support Centres will apply the following penalties for work submitted late:

Assessments with numerical marks

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of three working days;
• the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/qap/penaltiesforlatesubmission.pdf

You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

Case studies will be used in seminars to improve understanding of application of statutory codes and valuation techniques in practice. 

Reassessment

Additional costs