7.—(1) The value of the estate in land, franchise, profit, manor or share is the maximum amount for which it could be sold in the open market free from any charge —
(a)in the case of a surrender, at the date immediately before the surrender, and
(b)in any other case, at the date of the application.
(2) As evidence of the amount referred to in paragraph (1), the registrar may require a written statement signed by the applicant or the applicant’s conveyancer or by any other person who, in the registrar’s opinion, is competent to make the statement.
(3) Where an application for first registration is made on —
(a)the purchase of a leasehold estate by the reversioner,
(b)the purchase of a reversion by the leaseholder, or
(c)any other like occasion,
and an unregistered interest is determined, the value of the land is the combined value of the reversionary and determined interests assessed in accordance with paragraphs (1) and (2).