- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
11(1)For the purposes of paragraph 3 (additional contributions) and paragraph 6 (payment for outstanding share on disposal) the value of the dwelling-house, or a part of the dwelling-house, at any time is the amount agreed between the parties or determined by the district valuer as the amount which, in accordance with this paragraph, is to be taken as its value at that time.
(2)That value shall be taken to be the price which the interest of the tenant in the dwelling-house or part would realise if sold on the open market by a willing vendor—
(a)on the assumption that the liabilities mentioned in sub-paragraph (3) would be discharged by the vendor, and
(b)disregarding the matters specified in sub-paragraph (4).
(3)The liabilities referred to in sub-paragraph (2)(a) are—
(a)any mortgages of the tenant’s interest,
(b)any liability under the covenant required by paragraph 6 (payment for outstanding share on disposal), and
(c)any liability under the covenant required by section 155 (repayment of discount on early disposal).
(4)The matters to be disregarded in pursuance of sub-paragraph (2)(b) are any interests or rights over the dwelling-house created by the tenant, any improvements made by the tenant or any of the persons mentioned in section 127(4) (certain predecessors as secure tenant) and any failure by the tenant or any of those persons—
(a)where the dwelling-house is a house, to keep the dwelling-house in good repair (including decorative repair);
(b)where the dwelling-house is a flat, to keep the interior of the dwelling-house in such repair.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: