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Changes over time for: Paragraph 39
Timeline of Changes
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Status:
This version of this provision is prospective.
Status
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- 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 39.
Changes to Legislation
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Prospective
InterpretationE+W
This section has no associated Explanatory Notes
39(1)In this Part of this Schedule—
“applicable capitalisation rate”, in relation to any aspect of the determination of a term value, means the capitalisation rate prescribed in regulations made by the Secretary of State that is applicable to that aspect by virtue of the regulations — and for this purpose a “capitalisation rate” is a rate at which the entitlement to receive rent over the remainder of the term of a lease is capitalised;
“rent” has the same meaning as in the LR(GR)A 2022 (see section 22(2) and (3) of that Act);
“unexpired term”, in relation to a lease, means the period that—
(a)
begins with the valuation date, and
(b)
ends with the term date of the lease.
(2)A statutory instrument containing regulations under this paragraph is subject to the negative procedure.
(3)The Secretary of State must review the capitalisation rate or rates every ten years.
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