SCHEDULEFormula rent

4

1

Relative property value is the value of a property as at January 1999 calculated in accordance with this paragraph divided by £49,750.

2

Except in the case of supported housing, the value of the property mentioned in sub-paragraph (1) must be determined by a RICS valuation method based on an Existing Use Valuation assuming vacant possession and continued residential use.

3

The value of a property which is supported housing may be determined in accordance with sub-paragraph (2) or by a RICS valuation method based on Depreciated Replacement Cost using the tables of land values contained in the Rent Standard Guidance 2015.

4

For the purposes of this paragraph—

a

RICS valuation method” has the same meaning as in paragraph 4(8) of Part 1 of Schedule 2 to the Act (provision about levels of rents);

b

“Existing Use Valuation” and “Depreciated Replacement Cost” are to be construed in accordance with the Appraisal and Valuation Manual20 published by the Royal Institution of Chartered Surveyors.