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(1)Regulations made under this section may make provision—
(a)as to the exercise of the right to claim compensation under this Part,
(b)as to the person to whom such compensation or any part of it is to be paid, and
(c)as to the application of any such compensation or any part of it,
in cases where, apart from this section, the right to claim the compensation is exercisable by reference to an interest in land which is subject to a mortgage, or to a rentcharge, or to the trusts of a settlement, or which was so subject at a time specified in the regulations.
(2)In relation to any case where by virtue of any such regulations compensation or a part of it is to be paid to the owner of a rentcharge, the regulations may—
(a)make similar provision to that made by section 25 of the [1943 c. 21.] War Damage Act 1943 (rights of owners of rentcharges as to payments for war damage) but with such adaptations and modifications as may be prescribed, and
(b)provide for disputes arising under the regulations, so far as they relate to rentcharges, to be referred to the Lands Tribunal for determination by it.
(1)In calculating value for any of the purposes of this Part—
(a)subject to subsection (2), rules (2) to (4) of the rules set out in section 5 of the [1961 c. 33.] Land Compensation Act 1961 shall apply with the necessary modifications; and
(b)any mortgage to which the interest to be valued is subject shall be disregarded.
(2)Rule (3) of those rules shall not apply for the purposes of paragraph 15 of Schedule 12.
(3)Where for the purposes of any of the provisions of this Part—
(a)value falls to be calculated by reference to the duration of a tenancy, and
(b)by reason of any option or other contractual right with respect to the determination, renewal or continuance of the tenancy, the date of expiry of the tenancy is not ascertainable with certainty,
that date shall be taken to be such as appears reasonable and probable having regard to the interests of the party by whom the option is exercisable, or in whose favour the right operates, and to any other material considerations subsisting at the time when the calculation of value falls to be made.
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