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Changes over time for: Paragraph 8
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 24/07/2024. This version of this provision is prospective.
Status
The term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section. A version of a provision is prospective either:
- where the provision (Part, Chapter or section) has never come into force or;
- where the text of the provision is subject to change, but no date has yet been appointed by the appropriate person or body for those changes to come into force.
Commencement Orders listed in the ‘Changes to Legislation’ box as not yet applied may bring this prospective version into force.
Note: Point in time prospective is the latest available view of the legislation that includes by default all the prospective changes that might come into force.
Changes to legislation:
There are currently no known outstanding effects for the Leasehold and Freehold Reform Act 2024, Paragraph 8.
Changes to Legislation
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Prospective
Market rack rent leasesE+W
This section has no associated Explanatory Notes
8(1)The standard valuation method is not compulsory for the property comprised in a current lease if it is a market rack rent lease at the valuation date.
(2)If section 3(3) of the LRA 1967 applies to the current lease (successive leases treated as a single lease), sub-paragraph (1) is to apply only if the one of those leases which is in effect at the valuation date is a market rack rent lease.
(3)A “market rack rent lease” is a lease which—
(a)was granted—
(i)for no premium, or
(ii)for a premium which was low relative to the value of the freehold of the property with vacant possession at the time of the grant,
(b)was granted at a market rack rent, and
(c)the parties entered into with the intention that the rent would be a market rack rent.
(4)In this paragraph “market rack rent” means a rent which was, or was reasonably close to, a market rack rent at the time of the grant.
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