11 Calculation of the compensation sum
1 Subject to paragraph (2), the compensation sum is to be 2 % of the value of the premises.
2 Where the premises were in existence on—
(a) 31st December 1905; or
(b) 30th November 1930,
the compensation sum is to be 0.25 % or 0.5 % of the value of the premises respectively.
3 Where the premises are in residential use and replaced other premises on the same site which were also in residential use (“the former premises”), the compensation sum is to be calculated in accordance with paragraph (2) by reference to the date on which the former premises were in existence.
4 For the purposes of these Regulations, the value of the premises is to be calculated as at the valuation date on the basis of the open market value of the premises with the benefit of the easement.
5 In paragraph (4), the “valuation date” means the date as at which the premises are valued for the purposes of the application, being a date no more than 3 months before the date on which the application is served.