30Compensation for principal residence

30 Compensation for principal residence

(1)  This section applies in relation to a claimant who –

(a) had an estate in fee simple in subject land; and

(b) ordinarily used that land for a principal residence; and

(c) has obtained, or intends to obtain, some other place for a principal residence.

(2)  Where the highest and best use of subject land was as a principal residence, compensation is to be determined, at the request of the claimant and with the consent of the Valuer-General, on the basis of the reasonable cost of rehousing the claimant as an owner in fee simple, at no cost to the claimant, in a suitable residence of at least equivalent standard and location in this State to that which the claimant has had taken.

(3)  Notwithstanding that compensation is determined in accordance with subsection (2) , additional compensation may be awarded in respect of any hardship that the claimant may suffer because the claimant cannot establish himself or herself in a suitable residence solely by reason of age, infirmity or want of means.

(4)  For the purposes of subsections (1) and (2) –

(a) a person who is a mortgagee under a mortgage in respect of land that is not subject to the Land Titles Act 1980 and who is not in possession of the land, is taken not to have an estate in fee simple in the land; and

(b) a person who is a mortgagor under a mortgage in respect of such land and who is in possession of the land is taken to have an estate in fee simple in the land.