(1)The landlord in relation to a partially continuing lease must, before the expiry of the period of 2 years beginning with the appointed day, allocate the annual rent between the converted subjects and continuing subjects.
(2)In subsection (1), the annual rent is—
(a)the annual rent payable under the lease immediately before the appointed day, or
(b)where a cumulo rent is allocated to the lease under section 40(2), the annual rent so allocated.
(3)The allocation under subsection (1) must be in such proportions as are reasonable in all the circumstances.
(4)The annual rent payable from the appointed day under the partially continuing lease is the annual rent allocated to the continuing subjects under subsection (1).
Commencement Information
I1S. 41 in force at 21.2.2014 by S.S.I. 2013/322, art. 3(c)