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Leasehold and Freehold Reform Act 2024

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Changes over time for: Paragraph 25

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This version of this provision is prospective. Help about Status

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There are currently no known outstanding effects for the Leasehold and Freehold Reform Act 2024, Paragraph 25. Help about Changes to Legislation

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Step 1: determine the value of right to receive rent (the “term value”)E+W

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25(1)Step 1: determine the value of the right to receive rent over the remainder of the term of the current lease.

(2)The “right to receive rent” is—

(a)in the case of a freehold acquisition, the landlord’s right to receive the rent under the current lease;

(b)in the case of a lease extension, the right of the tenant under the notional lease to receive the rent under the current lease.

Paragraph 26 contains provision about the rent that is to be used in step 1, including if and when a capped notional rent is to be used.

(3)In the case of a collective enfranchisement, step 1 is to be followed separately in relation to each current lease.

(4)In this Schedule the value determined under step 1 in relation to a lease is referred to as the “term value” of the lease.

(5)Part 7 of this Schedule contains provision about the determination of the term value under this paragraph.

(6)But, if there is no rent under a lease, or the rent under a lease is only a peppercorn rent, the term value of the lease is nil (and so sub-paragraph (5) does not apply).

(7)If a current lease is a deemed single lease, step 1 is to be followed separately in relation to each constituent lease (as if the constituent lease were itself a current lease).

(8)In this paragraphrent” has the same meaning as in the LR(GR)A 2022 (see section 22(2) and (3) of that Act).

Commencement Information

I1Sch. 4 para. 25 not in force at Royal Assent, see s. 124(3)

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