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Changes over time for: Paragraph 25
Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
This version of this provision is prospective.
Status
The term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section. A version of a provision is prospective either:
- where the provision (Part, Chapter or section) has never come into force or;
- where the text of the provision is subject to change, but no date has yet been appointed by the appropriate person or body for those changes to come into force.
Commencement Orders listed in the ‘Changes to Legislation’ box as not yet applied may bring this prospective version into force.
Changes to legislation:
There are currently no known outstanding effects for the Leasehold and Freehold Reform Act 2024, Paragraph 25.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Prospective
Step 1: determine the value of right to receive rent (the “term value”)E+W
This
adran has no associated
Nodiadau Esboniadol
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 paragraph “rent” has the same meaning as in the LR(GR)A 2022 (see section 22(2) and (3) of that Act).
Yn ôl i’r brig