TRANSFERABLE
TITLE RIGHTS (TTRs)
A
common
system of "compensation" particularly for the granting of
heritage and conservation orders over historical buildings and
conservation land management schemes is the use of Transferable
Title Rights. For example, a historical
building may be subject to a heritage
conservation order causing a large loss in
value as the site cannot be developed to its otherwise, full
potential. For example, before the order, a new 20 storey building
was allowable but since the order, the existing 5 storey building
cannot be altered. Under the TTR scheme, the owner is allowed to sell
the lost 15 storeys to another developer who is then able to add them
to an existing site, to build a larger building.
There
are a number of problems with such schemes including:
-
the owner
generally, receives far less than proper compensation
-
allowing town
planning departments too much power as they are not accountable for any
loss in value caused by the their decision. That is, where a council or
government does not have to pay compensation, they are encouraged to
"over protect" existing buildings at the owners' expense.
See
compensation alternatives