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The Building Societies (Business Premises) Order 1987
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Article 3(1)(a)(ii)
SCHEDULECALCULATION OF OPEN MARKET VALUES
1. In calculating the open market value of the entirety of premises and of a society’s business area within the premises—
(a)it shall be assumed that, where an outsider occupies an area which forms part of the society’s business area, the occupation of that part (and the interest of the outsider in that part) has terminated, and
(b)subject to subparagraph (a) above—
(i)the open market value of the entirety of the premises shall be treated as the aggregate of the open market values of all calculable interests in the premises and each part of the premises, and
(ii)the open market value of the society’s business area shall be treated as the open market value of the entirety of the premises less the aggregate of the open market values of all calculable interests of outsiders taken into account in paragraph (i) above.
2. For the purposes of paragraph 1 above, the interest of the society is a calculable interest and so is the interest of each person occupying the premises or any part of the premises whose interest can be derived from that of the society.
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