BUSINESS TENANCIES ACT (NORTHERN IRELAND) 1964 - SECT 15 Rent under new tenancy.

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BUSINESS TENANCIES ACT (NORTHERN IRELAND) 1964 - SECT 15

Rent under new tenancy.

15.(1) The rent payable under a new tenancy granted by order of the
Lands Tribunal under this Part shall be such as may be agreed between
the landlord and the tenant.

(2) In the absence of agreement the rent shall be such as may be determined by
the Lands Tribunal to be that at which, having regard to the terms of the
tenancy (other than those relating to rent), the holding might reasonably be
expected to be let in the open market by a willing lessor, there being
disregarded

(a)any effect on rent of the fact that the tenant has or his predecessors in
title have been in occupation of the holding;

(b)any goodwill attached to the holding by reason of the carrying on thereat
of the business of the tenant (whether by him or by a predecessor of his in
that business);

(c)any effect on rent of any improvement

(i)carried out by the tenant or a predecessor in title of his; or

(ii)where the tenant or a predecessor in title of his has remained in
occupation of the holding during two or more tenancies, carried out by him or
that predecessor in title during a tenancy other than the current tenancy;

(c)other than in pursuance of an obligation to the immediate landlord;

(d)in the case of a holding comprising premises licensed under the Licensing
Acts (Northern Ireland), any addition to its value attributable to the
licence, if it appears to the Lands Tribunal that having regard to the terms
of the current tenancy and any other relevant circumstances the benefit of the
licence belongs to the tenant.

(3) None of the provisions of the [Rent (Northern Ireland) Order 1978] shall
operate to limit or affect the amount of the rent which may be fixed by the
Lands Tribunal under subsection (2).

Subs.(4) rep. by 1978 NI 20 art.77(3) sch.10

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Northern Irish Legislation

BUSINESS TENANCIES ACT (NORTHERN IRELAND) 1964 - SECT 15