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Amendment of section 10 of Act of 1978
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4. (1) Section 10 of the Act of 1978 is amended—
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(a) in condition 1, by the substitution of “permanent buildings or such of those permanent buildings as have caused the buildings to lose their original identity” for “permanent buildings”,
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(b) by the substitution of the following condition for condition 2—
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“2. that the lease is for a term of not less than fifty years and the yearly amount of the rent or the greatest rent reserved thereunder (whether redeemed at any time or not) is of an amount that is less than the amount of the rateable valuation of the property and that the permanent buildings on the land demised by the lease were not erected by the lessor or any superior lessor or any of their predecessors in title provided that—
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(a) it shall be presumed until the contrary is proved that the permanent buildings were not so erected,
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(b) a reference in this condition and in section 15(1)(e) to ‘predecessors in title’ shall not be taken to include a reference to any previous lessee of the land demised by the lease, and
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(c) “rateable valuation” in this condition and in section 15(1)(d)(i) means—
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(i) in relation to property in respect of which the Commissioner of Valuation may issue a certificate under section 67 of the Act of 2001, the rateable valuation of that property as stated in a certificate so issued, and
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(ii) in relation to property, other than property which comes within clause (i), the rateable valuation of that property as stated in a certificate issued under section 67A of the Act of 2001;”,
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and
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(c) in condition 5(a), by the substitution of “the rateable valuation of the property at the date of the grant of the lease as stated in a certified copy extract, issued under section 67B of the Act of 2001, of a valuation list in existence at the date of such grant” for “the rateable valuation of the property at the date of the grant of the lease”.
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(2) The amendments to section 10 of the Act of 1978 effected by subsection (1)(b) apply where a notice of intention to acquire the fee simple is served under section 4 of the Act of 1967 or an application is made under Part III of the Act of 1978 after 5 November 2019.
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