Planning and Development Act 2024
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Chapter 2 Housing Supply | ||
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Interpretation | ||
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244. In this Chapter— | ||
“certificate” has the meaning given to it by subsection (3) of section 254 ; | ||
“existing use value”, in relation to the value of land on the date permission relating to the land is granted, means the value of the land calculated— | ||
(a) by reference to its use immediately before the permission was granted, and | ||
(b) as if, on and from the date of such grant, it would have been unlawful to carry out development in relation to that land other than exempted development; | ||
“market value”— | ||
(a) in relation to the value of a house on a particular date, means the price that the house would fetch if sold with good marketable title on the open market on that date, and | ||
(b) in relation to the value of land other than a house in respect of which permission is granted, means the price that the land would have fetched if it had been sold with good marketable title on the open market immediately following the grant of the permission; | ||
“net monetary value” means, where permission to which this Chapter applies is granted in relation to land, the market value of the land on the date of the grant less the existing use value of the land on that date; | ||
“owner” means— | ||
(a) a person, other than a mortgagee not in possession, who is for the time being entitled to dispose (whether in possession or reversion) of the fee simple of the land, or | ||
(b) a person who, under a lease or agreement the unexpired term of which exceeds 5 years, holds or is entitled to the rents or profits of the land. |