Part VI Valuation etc of other Interests with Negative Values
Leasehold Reform, Housing and Urban Development Act 1993 (1993 c 28) | Legislation

Part VI Valuation etc of other Interests with Negative Values

Valuation of freehold and leasehold interests

18

(1)ÌýÌýÌýÌý °Â³ó±ð°ù±ð—

(a)ÌýÌýÌýÌý the value of any freehold interest (as determined in accordance with paragraph 11(1)), or

(b)ÌýÌýÌýÌý the value of any leasehold interest (as determined in accordance with paragraph 11(2)),

is a negative amount, the value of the interest for the relevant purposes shall be nil.

(2)ÌýÌýÌýÌý Where, in the case of any property, sub-paragraph (1) applies to any leasehold interest in the property whose value is a negative amount (“the negative interestâ€), then for the relevant purposes any interests in the property superior to the negative interest and having a positive value shall, if they are interests which are to be acquired by the nominee purchaser [RTE company], be reduced in value—

(a)ÌýÌýÌýÌý beginning with the interest which is nearest 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

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