Where a landholder has given notice of renunciation of his tenancy, and such notice has become effective in terms of section seven of the Act of 1886, as amended by section eighteen of the Act of 1911, it shall be competent for the Land Court, on the joint application of the landholder and the landlord or, where the landholder's rights to compensation for permanent improvements have been transferred in whole or in part to the Department under section eight of the Act of 1911, on the joint application of the Department and the landlord, to assess, prior to the renunciation, the amount which will become due by the landlord, on renunciation, in respect of compensation for permanent improvements under section eight of the Act of 1886, and the amount so assessed shall, on renunciation, become due accordingly.