Part 2Leasehold reform

Chapter 3New leases for tenants of flats

Purchase price

136 Disregard of marriage value in case of very long leases

(1)

Paragraph 4 of Schedule 13 to the 1993 Act (meaning of marriage value) is amended as follows.

(2)

In sub-paragraph (2), 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 tenant’s existing lease exceeds eighty years, the marriage value shall be taken to be nil.”