Land Compensation Act 1961 (c 33) is an Act of Parliament of the United Kingdom, which concerns English land law and compulsory purchase.
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Section 5 generally requires that the owner of an interest in land (e.g. a freehold, leasehold or easement as in Re Ellenborough Park) receives payment for the "value of the land... if sold on an open market by a willing seller".
References
Land Compensation Act 1961 Wikipedia(Text) CC BY-SA