McKay v McSparran
| Jurisdiction | Northern Ireland |
| Judgment Date | 01 January 1974 |
| Date | 01 January 1974 |
| Court | Chancery Division (Northern Ireland) |
Option granted on land - Date of valuation of land - Amount of valuation - Right of executors to nominate valuer - Whether specified method of valuation workable.
In his will, a testator directed his executors to offer part of his land for sale to the plaintiff "at a valuation to be agreed by a professional valuer." On a question as to the relevant date for valuing the property and as to whether the valuer should be appointed by the executor alone or by agreement with the plaintiff, Held, that, the date of valuation should be the date of the testator's death. When the value of property has to be assessed by reference to a date in the past, one looks to the market value as between a willing seller and buyer negotiating at that date and aware of the trend of the market and the potentialities of the market. The word "agreed"in the context of the will means "determined"or "approved" by the professional valuer and arrived at as the result of a bargain or negotiation between the valuer and the...
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