(1) the rateable value of a house1 and premises2 was above £1,000 in Greater London3 and £500 elsewhere on 31 March 19904; or
(2) the house and premises had no rateable value on that date and their valuation exceeded £16,3335,
the price payable for a house and premises on a conveyance6 is the amount which at the relevant time7 the house and premises, if sold in the open market by a willing seller, might be expected to realise on the following assumptions8:
(a) on the assumption that the vendor was selling for an estate in fee simple, subject to
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