6.110 The provisions governing the procedure on rent review and valuation are contained in (respectively) s 12 of and Sch 2 to the Agricultural Holdings Act 1986.
The rent valuation formula set out in Sch 2 was introduced in 1984 as part of the industry agreement on which the Agricultural Holdings Act 1984 was based. It sought to remove scarcity value from the valuation of farm rents on rent review, although it is questionable whether it added much to existing valuation practice.190 The 1986 Act provides for arbitration to settle disputes as to rent and the periodic review of rent.
Following the latest TRIG reform proposals, since 26 May 2015 rent reviews may be decided by reference to third party determination as an alternative to arbitration.191 Both arbitration and third party determination are private procedures, and disclosure of the subject matter is only permissible in very limited circumstances, usually with the express or implied permission of the parties to the arbitration or third party determination process.192
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