STATUTORY VALUATION - Compulsory Purchase (REAL ESTATE BSc COURSE) (2) Essay

STATUTORY VALUATION - Compulsory Purchase (REAL ESTATE BSc COURSE) (2) - Essay Example However, we acknowledge that the adoption of compulsory purchase law will come with the right for people whose property interests may be affected by the claim compensation. Given that the shop was let to the Smiths Minimarket; the first floor leased out for 125 years; and the advert hoarding at the ground floor let out at an annual license, the freeholders are justified to receive  £ 334,800 compensation. From the available records, the shop was let to Smiths Minimarket on an FRI basis for 15 years from 25.12.2011 at a cost of  £ 20,000 per year though subject to a rent review every 3 years. It is evidence the shop`s first floor flat was leased out for 125 years from 25.12.2008 for a rent of  £ 200 per year. It is also well-known that portion of the shop, particularly at ground floor, had an advert hoarding let at  £ 5,000 per year though on annual license. We learnt that the planning consent was not renewed, actually from the time it was given for 3 years, years ago. Moreover, the freeholder receives  £ 50 every Friday evening from Mrs. Jones who has a chip and fish van that occupy the shop from the side of forecourt. It is said this agreement was held on a license that was stated to run for two years. In addition to all these, the freeholder revealed that  £ 100 is paid per sale by Mr Youens for casual sale of second-hand cars that occupy the three places on front forecou rt of the shop. A good number of compulsory purchases are made under laws granted by several general Acts. The Government had walked the talk of its early intention to complement the existing laws by fresh laws which dictates that authorization of compulsory acquisition is given through compulsory purchase order that is created by the acquiring body and affirmed by the appropriate Minister or confirming authority. This order should be in prescribed form and comprises a statement of purpose for which property is