Part III Landlord and Tenant

Chapter III Leasehold Reform

Valuation

109 Collective enfranchisement: valuation principles.

(1)

Schedule 6 to the Leasehold Reform, Housing and Urban Development Act 1993 (purchase price payable by nominee purchaser) shall be amended as follows.

(2)

In paragraph 3(1) (freeholder’s interest to be valued on the basis that neither the nominee purchaser nor any participating tenant is in the market) for “neither the nominee purchaser nor any participating tenant” there shall be substituted “ no person who falls within sub-paragraph (1A) ”.

(3)

After paragraph 3(1) there shall be inserted—

“(1A)

A person falls within this sub-paragraph if he is—

(a)

the nominee purchaser, or

(b)

a tenant of premises contained in the specified premises, or

(c)

an owner of an interest which the nominee purchaser is to acquire in pursuance of section 2(1)(b).”.

(4)

In paragraph 7 (value of intermediate leasehold interests) after sub-paragraph (1) there shall be inserted—

“(1A)

In its application in accordance with sub-paragraph (1), paragraph 3(1A) shall have effect with the addition after paragraph (a) of—

“(aa)

an owner of a freehold interest in the specified premises, or””.

(5)

In paragraph 11 (value of other interests) after sub-paragraph (3) there shall be inserted—

“(4)

In its application in accordance with sub-paragraph (2) above, paragraph 3(1A) shall have effect with the addition after paragraph (a) of—

“(aa)

an owner of a freehold interest in the specified premises, or””.