SCHEDULES

SCHEDULE 12BASIS OF VALUATION

PART IGENERAL RULE

F13A

1

In estimating the net annual value F2or capital value of a relevant hereditament during a deemed completion period, the actual state of the hereditament shall be taken to be a state of reasonable repair excluding any repairs which a reasonable landlord would consider uneconomic.

2

In this paragraph—

  • “building” has the same meaning as in Article 25B;

  • “deemed completion period” means the period—

    1. a

      beginning with the day on which the building is deemed to be completed by virtue of paragraph (2) of that Article; and

    2. b

      ending on the day on which the building becomes capable of rateable occupation;

  • “relevant hereditament” means a hereditament which comprises a building which is deemed to be completed by virtue of that paragraph.