1220. Houses within the higher range of values; in general.

Where:

  1.  

    (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.  

    (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:

  1.  

    (a)     on the assumption that the vendor was selling for an estate in fee simple, subject to