Commonhold and Leasehold Reform Act 2002

Purchase price E+W

Prospective

126 Valuation date E+W

(1) In Schedule 6 to the 1993 Act (purchase price payable), for “the valuation date” (in each place) substitute “ the relevant date ”.

(2) In section 18(1) of the 1993 Act (duty to disclose existence of agreements affecting premises etc.), for “valuation date for the purposes of Schedule 6” substitute “ time when a binding contract is entered into in pursuance of the initial notice ”.

127 Freeholder’s share of marriage value E+W

In paragraph 4(1) of Schedule 6 to the 1993 Act (freeholder’s share of marriage value), for the words after “freeholder’s share of the marriage value is” substitute “ 50 per cent. of that amount ”.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I1 S. 127 wholly in force; s. 127 not in force at Royal Assent, see s. 181(1); s. 127 in force at 26.7.2002 for E. by S.I. 2002/1912, art. 2(b)(i) (subject to transitional provisions and savings in Sch. 2); s. 127 in force at 1.1.2003 for W. by S.I. 2002/3012, art. 2(b)(i) (subject to transitional provisions and savings in Sch. 2)

128 Disregard of marriage value in case of very long leases E+W

(1) Paragraph 4 of Schedule 6 to the 1993 Act is amended as follows.

(2) In sub-paragraph (2) (meaning of marriage value), insert at the beginning “ Subject to sub-paragraph (2A), ”.

(3) After that sub-paragraph insert—

“(2A) Where at the relevant date the unexpired term of the lease held by any of those participating members exceeds eighty years, any increase in the value of the freehold or any intermediate leasehold interest in the specified premises which is attributable to his potential ability to have a new lease granted to him as mentioned in sub-paragraph (2)(a) is to be ignored.”

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I2 S. 128 wholly in force; s. 128 not in force at Royal Assent, see s. 181(1); s. 128 in force at 26.7.2002 for E. by S.I. 2002/1912, art. 2(b)(i) (subject to transitional provisions and savings in Sch. 2); s. 128 in force at 1.1.2003 for W. by S.I. 2002/3012, art. 2(b)(i) (subject to transitional provisions and savings in Sch. 2)