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Meaning of "Consideration".

Meaning of "Consideration".

Postby Hairyloon » Thu Jul 20, 2017 8:39 pm

From a dictionary:
con·sid·er·a·tion
/kənˌsidərˈāSH(ə)n/

noun

1. careful thought, typically over a period of time: "a long process involving a great deal of careful consideration" synonyms: thought, deliberation, reflection, contemplation, rumination, ... more
2. a payment or reward: "you can buy the books for a small consideration"


In the context of public land, the Local Government Act 1972 says:
(2)Except with the consent of the Secretary of State, a council shall not dispose of land under this section, otherwise than by way of a short tenancy, for a consideration less than the best that can reasonably be obtained.


I would hope that a council would take due consideration of appropriate benefits of the various offers on the property, and not just take the highest figure, but what are the guidelines on how that decision is made?
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Re: Meaning of "Consideration".

Postby diy » Thu Jul 20, 2017 8:41 pm

consideration in that context is as per the 2nd definition.

They don't have to get the best price, but they have to be subject to audit and have decent excuse for giving to matey cheap who offered to write the town plan for free, for example
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Re: Meaning of "Consideration".

Postby atticus » Fri Jul 21, 2017 6:05 am

Guideline: the best that can be reasonably obtained.
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Re: Meaning of "Consideration".

Postby Hairyloon » Fri Jul 21, 2017 7:37 am

atticus wrote:Guideline: the best that can be reasonably obtained.


Indeed, but "best" is an imprecise term.
Is a larger sum of money a better offer than one that includes undertakings to provide community benefit?
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Re: Meaning of "Consideration".

Postby Smouldering Stoat » Fri Jul 21, 2017 7:59 am

It is the best in cash terms. Other factors may be taken into account by the Secretary of State in deciding whether to grant permission to sell the land for a lower sum.
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Re: Meaning of "Consideration".

Postby Hairyloon » Fri Jul 21, 2017 8:43 am

Smouldering Stoat wrote:It is the best in cash terms. Other factors may be taken into account by the Secretary of State in deciding whether to grant permission to sell the land for a lower sum.

P'raps worth writing him a letter then.
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Re: Meaning of "Consideration".

Postby atticus » Fri Jul 21, 2017 10:18 am

Show us a draft for comment, if you want.
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Re: Meaning of "Consideration".

Postby atticus » Fri Jul 21, 2017 10:34 am

As to the best price -

There are 3 offers. £5m, £7.5m and £10m. Which is best seems obvious.

But the £5m offer is cash on completion. £7.5m is half now, half in 2 years. £10m is £1m now, remainder over 10 years. Which is best?

These situations do happen. I have just given an example which compares with offers one of my clients has had. We are presently evaluating the ability of the various parties to pay the deferred parts of the consideration. The £5m cash in hand gives certainty of that sum.
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Re: Meaning of "Consideration".

Postby Hairyloon » Fri Jul 21, 2017 4:36 pm

atticus wrote:Show us a draft for comment, if you want.


Isn't it the normal practice to contact government ministers through the MP?
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Re: Meaning of "Consideration".

Postby Smouldering Stoat » Fri Jul 21, 2017 5:12 pm

Does this assist? It may be that the disposal is covered by the general consent.
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