Paragraph 5 Basis on which compensation assessed

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch. para. 6(1) words substituted by Transfer of Tribunal Functions (Lands Tribunal and Miscellaneous Amendments) 2009 Sch. 2 para. 94(a)
Sch. para. 6(2) words omitted by Transfer of Tribunal Functions (Lands Tribunal and Miscellaneous Amendments) 2009 Sch. 2 para. 94(b)(ii)
Sch. para. 6(2)(a) and word omitted by Transfer of Tribunal Functions (Lands Tribunal and Miscellaneous Amendments) 2009 Sch. 2 para. 94(b)(iii)
Sch. para. 6(2) word substituted by Transfer of Tribunal Functions (Lands Tribunal and Miscellaneous Amendments) 2009 Sch. 2 para. 94(b)(i)

(1)

The rules set out in section 5 of the Land Compensation Act 1961^f1 (rules for assessing compensation) shall, so far as applicable and subject to any necessary modifications, have effect for the purpose of assessing any compensation under paragraph 4, as they have effect for the purpose of assessing compensation for the compulsory acquisition of an interest in land.

(2)

Where the relevant interest in respect of which any compensation is to be assessed is subject to a mortgage–

(a)

the compensation shall be assessed as if the interest were not subject to the mortgage;

(b)

no compensation shall be payable in respect of the interest of the mortgagee (as distinct from the interest which is subject to the mortgage); and

(c)

any compensation which is payable in respect of the interest which is subject to the mortgage shall be paid to the mortgagee or, if there is more than one mortgagee, to the first mortgagee and shall, in either case, be applied by him as if it were proceeds of sale.

Annotations

Footnotes

f1: 1961 c. 33.