SCHEDULES
SCHEDULE 10Enfranchisement and extension of long leaseholds: calculations
4Leasehold Reform, Housing and Urban Development Act 1993
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.