Localism Act 2011
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Change 1
86T Valuation and offer
(1) If this section applies (see section 86S(4)), the relevant local authority must by the end of the appointment period appoint an authorised officer to assess the value of the land (“the valuer”). (2) The value to be assessed is the market value of the relevant estate in land on the date the notice was given under section 86M(1). (3) The market value is the amount which the relevant estate in land could have been expected to realise if it had been sold on the open market by a willing seller to a willing buyer on that date. (4) The Secretary of State may by regulations make further provision about the determination of the market value of an estate in land for the purposes of this section. (5) Regulations under subsection (4) may include provision— (a) about the method to be used for determining market value; (b) about any matters which must or must not be taken into account when determining the market value; (c) about the circumstances in which the owner of the land and the preferred community buyer may make written representations to the valuer (and requiring the valuer to take those representations into account). (6) The valuer must by the end of the period of eight weeks beginning with the date of the valuer’s appointment determine the market value of the relevant estate in land (“the value price”). (7) The valuer must as soon as reasonably practicable give the owner of the land and the preferred community buyer notice in writing of the determination. (8) If the preferred community buyer wishes to buy the relevant estate in land in accordance with this Chapter, the buyer must by the end of the offer period offer to buy the relevant estate in land at the value price. (9) The expense of a valuation under this section is to be met by the relevant local authority. (10) In this section— “appointment period” is the period of 14 days beginning with the end of the negotiation period; “authorised officer”, in relation to the valuation of land of community value, means— a valuation officer appointed under section 61 of the Local Government Finance Act 1988, a district valuer within the meaning of section 622 of the Housing Act 1985, or in such circumstances as may be specified in regulations made by the Secretary of State, another person who in the opinion of the relevant local authority is independent of the authority, the owner of the land and the preferred community buyer; “negotiation period” has the meaning given by section 86S(5); “offer period” is the period of 12 months beginning with the date notice was given under section 86M(1); “relevant estate in land” means the estate or estates identified in the notice given under section 86M(1) (see section 86M(2)).
86T Valuation and offer
(1) If this section applies (see section 86S(4)), the relevant local authority must by the end of the appointment period appoint an authorised officer to assess the value of the land (“the valuer”). (2) The value to be assessed is the market value of the relevant estate in land on the date the notice was given under section 86M(1). (3) The market value is the amount which the relevant estate in land could have been expected to realise if it had been sold on the open market by a willing seller to a willing buyer on that date. (4) The Secretary of State may by regulations make further provision about the determination of the market value of an estate in land for the purposes of this section. (5) Regulations under subsection (4) may include provision— (a) about the method to be used for determining market value; (b) about any matters which must or must not be taken into account when determining the market value; (c) about the circumstances in which the owner of the land and the preferred community buyer may make written representations to the valuer (and requiring the valuer to take those representations into account). (6) The valuer must by the end of the period of eight weeks beginning with the date of the valuer’s appointment determine the market value of the relevant estate in land (“the value price”). (7) The valuer must as soon as reasonably practicable give the owner of the land and the preferred community buyer notice in writing of the determination. (8) If the preferred community buyer wishes to buy the relevant estate in land in accordance with this Chapter, the buyer must by the end of the offer period offer to buy the relevant estate in land at the value price. (9) The expense of a valuation under this section is to be met by the relevant local authority. (10) In this section— “appointment period” is the period of 14 days beginning with the end of the negotiation period; “authorised officer”, in relation to the valuation of land of community value, means— a valuation officer appointed under section 61 of the Local Government Finance Act 1988, a district valuer within the meaning of section 622 of the Housing Act 1985, or in such circumstances as may be specified in regulations made by the Secretary of State, another person who in the opinion of the relevant local authority is independent of the authority, the owner of the land and the preferred community buyer; “negotiation period” has the meaning given by section 86S(5); “offer period” is the period of 12 months beginning with the date notice was given under section 86M(1); “relevant estate in land” means the estate or estates identified in the notice given under section 86M(1) (see section 86M(2)).
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