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AI Summary of 372L. Interpretation (Chapter 8).

Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 26 June 2006 - onwards
Version 8 of 8

372L. Interpretation (Chapter 8).

(1) In this Chapter -

"lessee", "lessor","premium" and "renthave the same meanings respectively as in Chapter 8 of Part 4;

"market value" in relation to a building, structure or house, means the price which the unencumbered fee simple of the building, structure or house would fetch if sold in the open market in such manner and subject to such conditions as might reasonably be calculated to obtain for the vendor the best price for the building, structure or house, less the part of that price which would be attributable to the acquisition of, or of rights in or over, the land on which the building, structure or house is constructed;

"property developer" means a person carrying on a trade which consists wholly or mainly of the construction or refurbishment of buildings or structures with a view to their sale;