Part VCompensation for Restrictions on New Development in Limited Cases
Supplementary provisions
136Calculation of value
(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 M1Land 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.