Part II Premium Payable in Respect of Grant of New Lease
Leasehold Reform, Housing and Urban Development Act 1993 (1993 c 28) | Legislation

Part II Premium Payable in Respect of Grant of New Lease

Premium payable by tenant

2

The premium payable by the tenant in respect of the grant of the new lease shall be the aggregate of—

(a)ÌýÌýÌýÌý the diminution in value of the landlord's interest in the tenant's flat as determined in accordance with paragraph 3,

(b)ÌýÌýÌýÌý the landlord's share of the marriage value as determined in accordance with paragraph 4, and

(c)ÌýÌýÌýÌý any amount of compensation payable to the landlord under paragraph 5.

Diminution in value of landlord's interest

3

(1)ÌýÌýÌýÌý The diminution in value of the landlord's interest is the difference between—

(a)ÌýÌýÌýÌý the value of the landlord's interest in the tenant's flat prior to the grant of the new lease; and

(b)ÌýÌýÌýÌý the value of his interest in the flat once the new lease is granted.

(2)ÌýÌýÌýÌý Subject to the provisions of this paragraph, the value of any such interest of the landlord as is mentioned in sub-paragraph (1)(a) or (b) is the amount which at [the relevant date] that interest might be expected

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