Schedules

Schedule 4Determining and sharing the market value

Part 3Determining the market value

Leases already extended under the old law in the LRA 1967

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(1)

This paragraph applies only to—

(a)

the transfer of a freehold house under the LRA 1967, or

(b)

the grant of an extended lease of a house under the LRA 1967.

(2)

The standard valuation method is not compulsory for the property comprised in the current lease if that lease is a pre-commencement lease granted under section 14 of the LRA 1967.

(3)

A lease granted under section 14 of the LRA 1967 is a “pre-commencement” lease unless it is granted in accordance with sections 14 and 15 of the LRA 1967 as amended by sections 33(1) and 34 of this Act (under which a lease will be extended by 990 years at a peppercorn rent on payment of a premium).