Leasehold Reform Act 1967(1)
9. In section 9(1A)(2) (purchase price and costs of enfranchisement) for the words before paragraph (a) substitute—
“Notwithstanding the foregoing subsection, the price payable for a house and premises,—(i)
the rateable value of which was above £1,000 in Greater London and £500 elsewhere on 31st March 1990, or,(ii)
which had no rateable value on that date and R exceeded £16,333 under the formula in section 1(1)(a) above (and section 1(7) above shall apply to that amount as it applies to the amount referred to in subsection (1)(a)(ii) of that section)
shall be the amount which at the relevant time the house and premises, if sold in the open market by a willing seller, might be expected to realise on the following assumptions:—”.
Subsection (2A) was inserted by section 118(4) of the Housing Act 1974.