Tabled by

11: After Clause 11, insert the following new Clause—
“Phase One of High Speed 2 property bond scheme
(1) The Secretary of State must establish a property bond scheme in relation to the scheduled works.(2) Where—(a) the value of an interest in land is depreciated by the presence of any of the statutory nuisances listed in section 79(1)(a) to (h) of the Environmental Protection Act 1990 (statutory nuisances and inspections therefor); and(b) the nuisance arises from the construction or operation of the scheduled works,if the person entitled to the interest (“the applicant”) makes a valid application within the prescribed period, a property bond for that depreciation shall be issued by the nominated undertaker to the applicant.(3) The Secretary of State must make rules governing the making and approval or rejection of applications for property bonds under this section, including—(a) the contents of an application,(b) the evidence of open market value that is required to be provided,(c) the evidence of depreciation that is required to be provided,(d) any fee for making an application,(e) the process for assessing and deciding the open market value and the depreciation of the land, and(f) any minimum depreciation that is required for an application to be valid.(4) When the interest in land is sold the owner of that interest must decide whether to— (a) redeem the property bond and sell the land for its depreciated value, or(b) sell the property bond with the land and sell the land for its open market value.(5) If the owner of the interest in land decides to sell according to subsection (4)(a) the owner must serve notice on the nominated undertaker of the owner's intention to sell the land together with details of the property bond at least one month before selling the land.(6) If the owner validly serves a notice under subsection (5) then the nominated undertaker must pay the difference between the depreciated and open market value of the land to the purchaser of the land at the date of completion of the sale whereupon the property bond is redeemed.(7) A property bond shall be a local land charge until it is redeemed and for the purposes of the Local Land Charges Act 1975 the nominated undertaker shall be treated as the originating authority as respects such a charge.”