Leasehold Reform, Housing and Urban Development Act 1993

4 (1) The marriage value is the amount referred to in sub-paragraph (2), and the landlord’s share of the marriage value is [F1 50 per cent. of that amount]. E+W

(2) [F2 Subject to sub-paragraph (2A),] the marriage value is the difference between the following amounts, namely—

(a) the aggregate of—

(i) the value of the interest of the tenant under his existing lease,

(ii) the value of the landlord’s interest in the tenant’s flat prior to the grant of the new lease, and

(iii) the values prior to the grant of that lease of all intermediate leasehold interests (if any); and

(b) the aggregate of—

(i) the value of the interest to be held by the tenant under the new lease,

(ii) the value of the landlord’s interest in the tenant’s flat once the new lease is granted, and

(iii) the values of all intermediate leasehold interests (if any) once that lease is granted.

[F3 (2A) Where at the relevant date the unexpired term of the tenant’s existing lease exceeds eighty years, the marriage value shall be taken to be nil.]

(3) For the purposes of sub-paragraph (2)—

[F4 (a) the value of the interest of the tenant under his existing lease shall be determined in accordance with paragraph 4A;

(aa) the value of the interest to be held by the tenant under the new lease shall be determined in accordance with paragraph 4B;]

(b) the value of any such interest of the landlord as is mentioned in paragraph (a) or paragraph (b) of [F5 sub-paragraph (2)] is the amount determined for the purposes of paragraph 3(1)(a) or paragraph 3(1)(b) (as the case may be); and

(c) the value of any intermediate leasehold interest shall be determined in accordance with paragraph 8, and shall be so determined as at [F6 the relevant date].

Textual Amendments

F1 Words in Sch. 13 para. 4(1) substituted (26.7.2002 for E. and 1.1.2003 for W.) by Commonhold and Leasehold Reform Act 2002 (c. 15), s. 135; S.I. 2002/1912, art. 2(b)(i) (subject to Sch. 2); S.I. 2002/3012, art. 2(b)(i) (subject to Sch. 2)

F2 Words in Sch. 13 para. 4(2) substituted (26.7.2002 for E. and 1.1.2003 for W.) by Commonhold and Leasehold Reform Act 2002 (c. 15), s. 136(2); S.I. 2002/1912, art. 2(b)(i) (subject to Sch. 2); S.I. 2002/3012, art. 2(b)(i) (subject to Sch. 2)

F3 Sch. 13 para. 4(2A) inserted (26.7.2002 for E. and 1.1.2003 for W.) by Commonhold and Leasehold Reform Act 2002 (c. 15), s. 136(3); S.I. 2002/1912, art. 2(b)(i) (subject to Sch. 2); S.I. 2002/3012, art. 2(b)(i) (subject to Sch. 2)

F4 Sch. 13 para. 4(3)(a)(aa) substituted (24.7.1996) for para. 4(3)(a) by 1996 c. 52, ss. 110(3)(5), 232(1)

F5 Words in Sch. 13 para. 4(3)(b) substituted (24.7.1996) by 1996 c. 52, ss. 110(3)(5), 232(1)

F6 Words in Sch. 13 para. 4 substituted (26.7.2002 for E. and 1.1.2003 for W.) by Commonhold and Leasehold Reform Act 2002 (c. 15), s. 134; S.I. 2002/1912, art. 2(b)(i) (subject to Sch. 2); S.I. 2002/3012, art. 2(b)(i) (subject to Sch. 2)