SCHEDULES

SCHEDULE 10Enfranchisement and extension of long leaseholds: calculations

Leasehold Reform, Housing and Urban Development Act 1993

4

1

In Schedule 6, paragraph 7 is amended as follows.

2

For sub-paragraph (2) substitute—

2

The value of an intermediate leasehold interest which is the interest of the tenant under a minor intermediate lease is to be calculated in accordance with regulations made by the appropriate national authority instead of in accordance with sub-paragraph (1).

3

In sub-paragraph (4)—

a

for “formula set out in sub-paragraph (7)” substitute “ calculation method mentioned in sub-paragraph (2) ”;

b

for “by so applying the formula” substitute “ in accordance with that method ”.

4

Omit sub-paragraphs (7) and (8).

5

After sub-paragraph (10) insert—

11

In sub-paragraph (2) “appropriate national authority” means—

a

in relation to a leasehold interest of land in England, the Secretary of State;

b

in relation to a leasehold interest of land in Wales, the Welsh Ministers.

6

The amendments made by this paragraph apply to cases where the relevant date is—

a

before this Act is passed, but

b

on or after 11 July 2015,

as well as to cases where the relevant date is after this Act is passed.

7

The “relevant date” has the meaning given by section 1(8) of the Leasehold Reform, Housing and Urban Development Act 1993.