4(1)No service charge is payable under a qualifying lease in respect of a relevant measure relating to any relevant defect if the value of the qualifying lease at the qualifying time was less than—
(a)£325,000, if the premises demised by the qualifying lease are in Greater London;
(b)£175,000, in any other case.
(2)For the purposes of this paragraph the value of a qualifying lease at the qualifying time is its value determined in accordance with paragraph 6 and regulations made under it.