77.—(1) Any person who, immediately before a vesting order is made, has any estate or interest in, or any right in respect of, the protected structure acquired by the order, may apply to the planning authority within one year (or such other period as the High Court, on application to it, may allow) after the making of the order for compensation in respect of the estate, interest or right.

(2) On application under subsection (1), the planning authority shall, subject to subsection (4), pay to the applicant by way of compensation an amount equal to the value (if any) of the estate, interest or right.

(3) The compensation to be paid by the planning authority under this section in relation to any estate, interest or right in respect of the protected structure shall, in default of agreement, be determined by arbitration under and in accordance with the Acquisition of Land (Assessment of Compensation) Act, 1919.

(4) Where, after a planning authority makes a vesting order in relation to a protected structure, any sum (including a sum for costs) remains due to the authority by any person under an order of a court for payment of an amount due (whether under this Act or any other Act, or whether remaining due after deducting expenses reasonably incurred by the authority under this Act in relation to the structure), the amount of any compensation payable to that person under this section shall be reduced by the amount of that sum.

(5) Section 69 to 79 of the Lands Clauses Consolidation Act, 1845, as amended or adapted by or under the Second Schedule to the Housing of the Working Classes Act, 1890, or any other Act, shall apply in relation to compensation to be paid by a planning authority under this section as if such compensation were a price or compensation under that Act as so amended.

(6) Where money is paid into court by the planning authority under section 69 of the Lands Clauses Consolidation Act, 1845, as applied by this section, no costs shall be payable by that authority to any person in respect of any proceedings for the investment, payment of income, or payment of capital of such money.