F1[8(1)Where the owner of the intermediate leasehold interest will suffer any loss or damage to which this paragraph applies, there shall be payable to him such amount as is reasonable to compensate him for that loss or damage.E+W
(2)This paragraph applies to—
(a)any diminution in value of any interest of the owner of the intermediate leasehold interest in other property resulting from the acquisition of his interest in the specified premises; and
(b)any other loss or damage which results therefrom to the extent that it is referable to his ownership of any interest in other property.
(3)Without prejudice to the generality of paragraph (b) of sub-paragraph (2), the kinds of loss falling within that paragraph include loss of development value in relation to the specified premises to the extent that it is referable as mentioned in that paragraph.
(4)In sub-paragraph (3) “development value”, in relation to the specified premises, means any increase in the value of the interest in the premises of the owner of the intermediate leasehold interest which is attributable to the possibility of demolishing, reconstructing or carrying out substantial works of construction on, the whole or a substantial part of the premises.]
Textual Amendments
F1Sch. 6 para. 8 substitued (1.10.1996) by 1996 c. 52, s. 107, Sch. 10 para. 18(6); S.I. 1996/2212, art. 2(2) (with savings in Sch.)