1219. Houses within the lower range of values; in general.

Where:

  1.  

    (1)     the rateable value of a house1 and premises2 was £1,000 or below in Greater London3 or £500 elsewhere on 31 March 19904; or

  2.  

    (2)     the house and premises had no rateable value on that date and their valuation did not exceed £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, with the tenant8 and members of his family9 not buying or seeking to buy, might be expected to realise on the following