Section 126: Valuation date
219.Section 126 amends Schedule 6 to the 1993 Act to provide that the various values included in the price payable by the RTE company shall be determined as at the ‘relevant date’ – that is, the date of service of the initial notice – instead of as at the ‘valuation date’ – that is, the date at which it has been agreed or determined what freehold interests will be acquired by the company.
Section 127: Freeholder’s share of marriage value
220.Section 127 amends paragraph 4(1) of Schedule 6 to the 1993 Act to provide that the freeholder’s share of marriage value should be 50% in all cases, rather than the greater of (a) such proportion as is agreed by the parties or determined by a LVT and (b) 50%.
Section 128: Disregard of marriage value in case of very long leases
221.Section 128 amends paragraph 4 of Schedule 6 to the 1993 Act to provide that, in calculating the purchase price, marriage value is ignored on any participating member’s lease which has more than 80 years left until its expiry.
Chapter 3: New leases for tenants of flats
Section 129: Introductory
222.Section 129 provides that this Chapter amends the right of tenants to acquire new leases under the 1993 Act.