As mentioned at I8.348, the valuation issues are perhaps simpler with respect to agricultural tenancies in England and Wales granted after 31 August 1995 which do not have security of tenure, compared to other tenancies.
Freehold subject to secured tenancy
A freehold interest subject to an agricultural tenancy protected by the Agricultural Holdings Act 1986 (see I7.362 and I7.304) does not give the owner the right to vacant possession (as the tenant cannot be evicted) and the value of his interest will be considerably less than the full vacant possession value. The theoretical valuation arguments are similar to those for the tenant — see I8.348 and I8.349.
There is a potential special purchaser (in this case the tenant) who might pay a special price to acquire a marketable investment with vacant possession, but with the important difference that the interest is assignable and can therefore be sold, whereas the tenancy is usually not assignable.
Experience has shown that values of tenanted land around the country, as negotiated with the local District Valuers acting for
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