149Dispute about value of improvements

149 Dispute about value of improvements

149 Dispute about value of improvements

(1) If there is a dispute about the amount of compensation to be paid to an owner or former owner for the value of improvements attributable to a lot, the dispute must be resolved—

(a) in the way provided for under the lease of the lot or agreed to by the parties to the dispute (for example, by arbitration under the Commercial Arbitration Act 2010), or

(b) otherwise—by order of the court.

(2) An application for an order of the court may be made by any party to the dispute.

(3) Notice of the application must be served, in accordance with rules of court, on the persons directed by the court.

(4) As far as practicable, all applications relating to the same leasehold strata scheme must be heard together.