§ Mr. Spearingasked the Secretary of State for the Environment if he will publish in the Official Report the general criteria used by the London Docklands Development Corporation to value the land it has for sale; at what stage of negotiation with any purchasers the corporation is bound by agreements, or previously determined formulae; and to what extent any such formulae take account of increased land values.
§ Mr. TrippierThe general criteria are that when the London Docklands Development Corporation sells land it must obtain a certificate from an independent valuer that the price is not below current market value and, if that is unobtainable, it must seek specific consent from the Department to the disposal of land at a lower price.
The corporation becomes bound when contracts become unconditional and the point at which this happens will depend upon the nature of the agreement and on its precise terms.