LEASEHOLD (ENLARGEMENT AND EXTENSION) ACT (NORTHERN IRELAND) 1971

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LEASEHOLD (ENLARGEMENT AND EXTENSION) ACT (NORTHERN IRELAND) 1971 - SECT 14

1981 NI 5

14.(1) Subject to [subsections (2) and (3)], the purchase price of the
fee simple being acquired under this Act shall be the amount which, at the
date on which the notice is served under section 2, the land, if sold in the
open market by a willing seller (with the lessee in possession not buying or
seeking to buy), might be expected to realise on the following assumptions

(a)on the assumption that the vendor was selling for an estate in fee simple,
subject to the lease of the lessee in possession but on the assumption that
this Act conferred no right to acquire the fee simple, and if that lease has
not been extended under this Act, on the assumption that (subject to the
lessor's rights under section 19) it was to be so extended;

(b)on the assumption that (subject to paragraph (a) above) the vendor was
selling subject, in respect of rent-charges and other rents, to the same
annual charge as the conveyance to the lessee is to be subject to, but the
purchaser would otherwise be effectively exonerated until the termination of
the lease from any liability or charge in respect of incumbrances; and

(c)on the assumption that (subject to paragraphs (a) and (b) above) the vendor
was selling with and subject to the rights and burdens with and subject to
which the conveyance to the lessee is to be made.

(2) The price payable for the land shall be subject to such deduction, if any,
in respect of any defect in the title to be conveyed to the lessee as on a
sale in the open market might be expected to be allowed between a willing
seller and a willing buyer.

[(3) Where

(a)the notice is served under section 2 after the commencement of the
Leasehold (Enlargement and Extension) Amendment (Northern Ireland) Order 1981;
or

(b)the notice was served before that commencement but the price had not been
determined (by agreement or otherwise) by then,

(i)a transaction on or after 15th February 1979 involving the creation or
transfer of an interest superior to (whether or not preceding) the lessee's;
or

(ii)an alteration since that date of the terms on which such an interest is
held.]

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Northern Irish Legislation

LEASEHOLD (ENLARGEMENT AND EXTENSION) ACT (NORTHERN IRELAND) 1971 - SECT 14