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Leasehold and Freehold Reform Act 2024
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- UK Public General Acts
- 2024 c. 22
- Schedule 8
- Part 2
- Paragraph 15
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Changes over time for: Paragraph 15
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- Prospective- Amendment
- 24/07/2024
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Meaning of “shared ownership lease”E+W
This section has no associated Explanatory Notes
15In section 37(1) (interpretation of Part 1)—
(a)after paragraph (b) insert—
“(bza)“landlord’s share”, in relation to a shared ownership lease, means the share in the premises demised by the lease which is not comprised in the tenant’s share;”;
(b)after paragraph (d) insert—
“(da)“shared ownership lease” means a lease of premises—
(i)granted on payment of a premium calculated by reference to a percentage of the value of the premises or of the cost of providing them, or
(ii)under which the tenant (or the tenant’s personal representatives) will or may be entitled to a sum calculated by reference, directly or indirectly, to the value of the premises;
(db)“tenant’s share”, in relation to a shared ownership lease, means the tenant’s initial share in the premises demised by the lease, plus any additional share or shares in those demised premises which the tenant has acquired;”.
Commencement Information
I1Sch. 8 para. 15 not in force at Royal Assent, see s. 124(3)
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