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Leasehold and Freehold Reform Act 2024
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Compulsory use of the standard valuation method
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5(1)The standard valuation method (see Part 5 of this Schedule) must be used to determine the market value of the relevant freehold or notional lease for the purposes of this Schedule.
(2)But this Schedule does not require the standard valuation method to be used to determine the market value of—
(a)the relevant freehold or notional lease if all of the property comprised in that freehold or lease is property for which the standard valuation method is not compulsory, or
(b)any part or parts of the relevant freehold or notional lease which comprise property for which the standard valuation method is not compulsory.
(3)Paragraphs 6 to 13 contain provision about the kinds of property for which the standard valuation method is not compulsory.
(4)Paragraphs 6 to 8 apply in relation to any kind of freehold enfranchisement or lease extension.
(5)Paragraphs 9 to 13 specify the kinds of freehold enfranchisement or lease extension to which they apply.
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