Part 1Conversion of long lease to ownership
Determination of “qualifying lease”
I12Further provision about annual rent
1
This section applies for the purposes of section 1(4)(a) in determining the annual rent payable under a lease.
2
Subject to subsections (4) to (6), the rent payable under a lease is the rent as set out in a document mentioned in subsection (3).
3
The documents are—
a
the lease,
b
a registered assignation of the lease, or
c
a registered minute of variation or agreement in relation to the lease.
4
Where a cumulo rent is payable in relation to two or more leases, the annual rent payable under each lease is deemed to be nil.
5
Any rent payable under a lease which is expressed wholly or partly in non-monetary terms is, to the extent that it is so expressed, to be left out of account.
6
Any rent payable under a lease which is variable from year to year is, to the extent that it is so variable, to be left out of account.