Mandatory annuitization and money's worth: evidence from Singapore

This paper examines the impact of uncertainties in the future trends of mortality on annuity values in Singapore's compulsory purchase market. We document persistent population mortality improvement trends over the past few decades, which underscores the importance of longevity risk in this market. Using the money's worth framework, we find that the life annuities delivered expected payouts valued at 1.019–1.185 (0.973–1.170) per dollar of annuity premium for males (females). Even in a low mortality improvement scenario, the annuities provide an expected value exceeding 0.950. This suggests that participants in the national annuity pool have access to attractively priced annuities, regardless of sex, product, and premium invested.

Factors Affecting Compulsory Purchase of Land for Public Needs in Ukraine

At the current stage of adapting the goals of the Sustainable Development Concept, compulsory purchase of land to meet public needs may be an effective tool. Public needs may require privately owned land, but it is sometimes only possible to negotiate with the owners through the land compulsory purchase mechanism. When implementing such projects it is necessary to take into account certain factors that have an impact on this process at each stage of the execution of works. To determine these factors is necessary to make some analysis that will identify primary and secondary factors determine their importance and divide them into certain groups. To determine the main groups of factors should be used PEST analysis technique that is often used to assess key market trends. The results of PEST analysis can be used to determine the list of threats and opportunities for the implementation of projects for the construction of linear objects of transport infrastructure, it is advisable to supplement the basic elements of PEST analysis, such as Politic (P), Economic (E), Social (S) and Technical (T), with the following indicators: P (Planning) Е (Environmental), L (Legal). Through PEST analysis is necessary to determine each factor and not just describe the current status, and predict its change over the next 3-5 years. The most important and the most difficult are to determine the balance between the factors and to account for their interaction.

Planning, property and profit: the use of financial viability modelling in urban property development

By drawing upon McAuslan’s analysis of the ideologies underpinning land use planning law, this paper examines financial viability modelling and legal processes in the context of local authority decision-making related to property development on large urban sites. A local authority can make a site ready for development by using ‘compulsory purchase’ powers to acquire land, by transferring that land to a property developer and by granting that developer planning permission to commence construction. Analysis of case law, academic criticism of viability modelling practices and a recent property development project highlight issues arising when local authority planning departments use viability appraisals to legitimise decisions purportedly taken in the public interest. An in-depth examination of viability modelling within local authority estates departments then opens a new site for critical inquiry of local authority land acquisition practices. The paper’s conclusions reflect upon how financial viability modelling shapes decision-making, despite questions surrounding both modelling techniques and the outputs that viability appraisals produce.

Compulsory purchase and the state redistribution of land

Purpose The compulsory purchase of land forms the subject of much legal and urban regeneration research. However, there has been little examination of the contractual arrangements between local authorities and private sector property developers that often underpin the compulsory purchase process. This paper aims to examine local authority/private developer contractual behaviour in this context. Design/methodology/approach An empirical examination of property development contracts made for the “Silver Hill” project in Winchester, a small city in southern England, and the Brent Cross shopping centre extension in north London. Drawing on Macneil’s (1983) relational contract theory, the paper analyses key contract terms and reviews local authority documentation related to the implementation of those terms. Findings The contracts had two purposes as follows: to provide a development and investment opportunity through the compulsory purchase and redistribution of private land; and to grant the private developers participating in the projects freedom to choose if they wished to take up that opportunity. While the contracts look highly “relational”, the scope for flexibility and reciprocity is both carefully planned and tightly controlled. This exposes an asymmetric power imbalance that emerges in and is rearticulated by this type of contractual arrangement. Originality/value The empirical analysis of contract terms and contractual behaviour provides a rare opportunity to scrutinise the local authority-private developer relationship underpinning both property development practice and compulsory purchase.

Sold out? The right-to-buy, gentrification and working-class displacements in London

Since the 1990s, the renewal of council housing estates in London has involved widespread ‘decanting’ of resident populations to allow for demolition and redevelopment, primarily by private developers who sell the majority of new housing at market rate. This process of decanting has displaced long-term council tenants and shorter-term ‘temporary’ tenants, with many not able to return to the estate. In contrast, those leaseholders who bought under the ‘right-to-buy’ legislation introduced in the 1980s have a ‘right to remain’ by virtue of the property rights they have. Nonetheless, given the threat that their property will ultimately be subject to compulsory purchase because the redevelopment of the estate is in the ‘public interest’, these leaseholders experience similar displacement pressures to other residents. Describing these pressures, this article argues that the right-to-buy legislation offered these residents the illusion of entering a property-owning middle-class, but that they were never able to escape the labelling of council estates as stigmatised spaces which have ultimately been seized by the state and capital in a moment of ‘accumulation by dispossession’.

18. Creation of Express and Implied Grant of Easements

Titles in the Complete series combine extracts from a wide range of primary materials with clear explanatory text to provide readers with a complete introductory resource. This chapter discusses the rules on the creation of an easement. Topics covered include express grant of easements (and profits); express reservation of easements (and profits); implied grant of easements (and profits), which includes ways of necessity, intended easements, the rule in Wheeldon v Burrows and s62 of the Law of Property Act 1925; implied reservation of easements covering necessity and intended easements; exclusion of the rules providing for implied grant and reservation; compulsory purchase and the rules for implied grant; and simultaneous sales or bequests.

Development Plans: Their Legal Significance After the Planning and Compulsory Purchase Act 2004

The Planning and Compulsory Purchase Act 2004 introduced a sea change from the development plan system of the past. The new system provided for the replacement of the non-statutory regional guidance, structure plans, local plans, waste plans, mineral plans, and unitary development plans by regional spatial strategies and local development documents. As stated earlier, the Local Democracy Economic Development and Construction Act 2009 renamed the regional spatial strategies as regional strategies but basically retained the same system. The Localism Act 2011 has however swept away the whole system of regional strategies and regional authorities and replaced them simply with a duty on local authorities to co-operate.