7.—(1) Compensation in respect of an interest which is subject to a mortgage must be paid—
(a)to the mortgagee, or
(b)if there is more than one mortgagee, to the first mortgagee,
and must, in either case, be applied by the mortgagee as if it were proceeds of sale.
(2) Amounts of compensation determined under this Part are payable—
(a)where the operator and either the grantor or mortgagee agree that a single payment is to be made on a specified date, on that date;
(b)where the operator and either the grantor or mortgagee agree that payment is to be made in instalments at different dates, on the date agreed as regards each instalment;
(c)in any other case, subject to any direction of the Upper Tribunal or the court, as soon as reasonably practicable after the amount of the compensation has been determined.
(3) Any question of the application of paragraph 6(3) or dispute as to the amount of compensation must be referred to and determined by the Upper Tribunal.
(4) In relation to the determination of such a question, section 4 of the Land Compensation Act 1961 M1 applies as if the reference in section 4(A1) of that Act to section 1 of that Act M2 were a reference to sub-paragraph (3) of this paragraph.
Marginal Citations
M1Section 4 was amended by S.I. 2009/1307.
M2Section 1 was amended by S.I. 2009/1307.