Leasehold and Freehold Reform Act 2024

Part 1 Introduction

Determination and sharing of market value for purposes of section 37

1 (1) This Schedule sets out how to determine, for the purposes of section 37, the market value on—

(a) the transfer of a freehold house under the LRA 1967,

(b) the grant of an extended lease of a house under the LRA 1967,

(c) the collective enfranchisement of a building under the LRHUDA 1993, or

(d) the grant of a new lease of a flat under the LRHUDA 1993.

(2) This Schedule also sets out how to divide the market value into shares (where loss is suffered by certain landlords in addition to the landlord with responsibility for conducting the claim under the LRA 1967 or the LRHUDA 1993).

(3) In this Schedule—

• “collective enfranchisement” means the collective enfranchisement of a building under the LRHUDA 1993;

• “freehold enfranchisement” means—

  (a)

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

  (b)

  a collective enfranchisement;

• “lease extension” means—

  (a)

  the grant of an extended lease of a house under the LRA 1967, or

  (b)

  the grant of a new lease of a flat under the LRHUDA 1993.