Landlord and Tenant (Ground Rents) Act, 1967

Provisions in relation to determination of purchase price of fee simple by arbitration.

18.—(1) Where the purchase price of the fee simple or any other interest in land being acquired under this Act falls to be determined by arbitration under this Act—

(a) the purchase price shall, subject to paragraphs (b) and (c) of this subsection, be the sum which, in the opinion of the county registrar conducting the arbitration, a willing purchaser would give and a willing vendor would accept for the fee simple or other interest having had regard to—

(i) the rent payable in respect of the land by the person acquiring the fee simple therein,

(ii) where the land was held by the person acquiring the fee simple therein under a lease which has expired or is held by him under a lease which will expire less than twenty-five years after the date of the service of the notice under section 4 of this Act in relation to the land, the rent which, in the opinion of the county registrar, would be reserved by a reversionary lease of the land granted under the Act of 1958 for a term commencing on the expiration of the first-mentioned lease,

(iii) the current interest yields on securities of the Government issued for subscription in the State,

(iv) if the land is used for the purposes of business or exceeds one acre in area and is not used for the purposes of business, the area and nature of the land, its location and user and the state of repair of any buildings or structures thereon,

(v) the price paid for the fee simple or any other interest in the land on a sale taking place on or after the 22nd day of May, 1964,

(vi) any mortgage or other charge on the interest in the land of any person from whom, mediately or immediately, the person acquiring the fee simple holds the land,

(vii) the costs and expenses which, in the opinion of the county registrar, will be incurred by the persons from whom, mediately or immediately, the person acquiring the fee simple holds the land, in investing the purchase money payable in respect of the acquisition of the fee simple,

(viii) the current price of the lessor's or landlord's interest in land held under leases or yearly tenancies similar to the lease or yearly tenancy, as the case may be, under which the land is held by the person acquiring the fee simple, and

(ix) such other matters as are, in the opinion of the county registrar, relevant to the determination of the purchase price,

and

(b) if the land—

(i) is not used for the purposes of business,

(ii) is held by the person acquiring the fee simple under a yearly tenancy or a lease which will not expire within twenty-five years after the date of the service of the notice under section 4 of this Act in relation to the land, and

(iii) does not exceed one acre in area,

subject to paragraph (c) of this subsection, the purchase price shall not exceed the amount which, if invested on the date of the award in the security of the Government which was issued last before that date for subscription in the State and is redeemable not less than fifteen years after the date of issue, would produce annually in gross interest (allowance having been made in calculating the interest for any profit or loss which will occur on the redemption of the security) an amount equal to the amount of the rent payable under the lease or yearly tenancy, as the case may be, during the year immediately preceding the date of the service of the notice under section 4 of this Act in relation to the land, and

(c) where the cost of extinguishing a rent or charge out of or on land the fee simple in which is being acquired under this Act is fixed by statute, allowance shall be made for such cost in determining the purchase price of the fee simple under this section.

(2) Where the purchase price of the fee simple or any other interest in land being acquired under this Act has been determined by arbitration under this Act, the county registrar who made the determination shall, if requested by a party to the arbitration to do so—

(a) state whether in making the determination he has had regard to a matter or matters of the kind referred to in section 18 (1) (a) (ix) of this Act, and

(b) if he has so had, specify the matter or matters.