Part V Valuation etc of Interests in Specified Premises with Negative Values
Leasehold Reform, Housing and Urban Development Act 1993 (1993 c 28) | Legislation

Part V Valuation etc of Interests in Specified Premises with Negative Values

Valuation of freehold and intermediate leasehold interests

14

(1)ÌýÌýÌýÌý °Â³ó±ð°ù±ð—

(a)ÌýÌýÌýÌý the value of the freeholder's interest in [a] specified premises (as determined [for the relevant purposes]), or

(b)ÌýÌýÌýÌý the value of any intermediate leasehold interest (as determined [for the relevant purposes]),

is a negative amount, the value of the interest for [those] purposes shall be nil.

(2)ÌýÌýÌýÌý Where sub-paragraph (1) applies to any intermediate leasehold interest whose value is a negative amount (“the negative interestâ€), then for the relevant purposes any interests in the specified premises superior to the negative interest and having a positive value shall be reduced in value—

(a)ÌýÌýÌýÌý beginning with the interest which is immediately superior to the negative interest and continuing (if necessary) with any such other superior interests in order of proximity to the negative interest;

(b)ÌýÌýÌýÌý until the aggregate amount of the reduction is equal to the negative amount in question; and

(c)ÌýÌýÌýÌý without reducing the value of any interest to less than nil.

(3)ÌýÌýÌýÌý In a case where sub-paragraph (1) applies to two

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