# Leasehold and Freehold Reform Act 2024, Paragraph 10: Leases already extended under the old law in the LRA 1967

Extent: E+W
Status: prospective

(1) This paragraph applies only to—
(a) the transfer of a freehold house under the LRA 1967, or
(b) the grant of an extended lease of a house under the LRA 1967.
(2) The standard valuation method is not compulsory for the property comprised in the current lease if that lease is a pre-commencement lease granted under section 14 of the LRA 1967.
(3) A lease granted under section 14 of the LRA 1967 is a “pre-commencement” lease unless it is granted in accordance with sections 14 and 15 of the LRA 1967 as amended by sections 33(1) and 34 of this Act (under which a lease will be extended by 990 years at a peppercorn rent on payment of a premium).

---
Source: https://www.legislation.gov.uk/ukpga/2024/22/schedule/4/paragraph/10 (the official version)
Page: https://openlegislation.uk/leasehold-and-freehold-reform-act-2024/schedule-4/paragraph-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.