ABSTRACT
A valuation of commercial property cannot be prepared unless the possible impact of the legislation has been considered. It is found mainly in the Landlord and Tenant Acts of 1927 and 1954 as amended by the Law of Property Act 1969 and the Landlord and Tenant (Licensed Premises) Act 1990 and more recently by secondary legislation in the form of the Regulatory Reform (Business Tenancies) (England and Wales) Order 2003, which came into effect on 1 June 2004.
This Act gives tenants of premises let for trade, business or professional purposes the right to compensation for improvements made during the tenancy. The provisions as to compensation for improvements are subject to certain amendments made by Part III of the 1954 Act which are comparatively unimportant in practice and in their effect on values.
