{
  "url": "https://openlegislation.uk/leasehold-and-freehold-reform-act-2024/schedule-4/paragraph-39",
  "json_url": "https://openlegislation.uk/leasehold-and-freehold-reform-act-2024/schedule-4/paragraph-39.json",
  "legislation": "ukpga/2024/22",
  "legislation_title": "Leasehold and Freehold Reform Act 2024",
  "legislation_url": "https://openlegislation.uk/leasehold-and-freehold-reform-act-2024",
  "path": "schedule/4/paragraph/39",
  "kind": "paragraph",
  "number": "39",
  "heading": "Interpretation",
  "text": "(1) In this Part of this Schedule—\n“applicable capitalisation rate”, in relation to any aspect of the determination of a term value, means the capitalisation rate prescribed in regulations made by the Secretary of State that is applicable to that aspect by virtue of the regulations — and for this purpose a “capitalisation rate” is a rate at which the entitlement to receive rent over the remainder of the term of a lease is capitalised;\n“rent” has the same meaning as in the LR(GR)A 2022 (see section 22(2) and (3) of that Act);\n“unexpired term”, in relation to a lease, means the period that—\n(a) begins with the valuation date, and\n(b) ends with the term date of the lease.\n(2) A statutory instrument containing regulations under this paragraph is subject to the negative procedure.\n(3) The Secretary of State must review the capitalisation rate or rates every ten years.",
  "extent": "E+W",
  "status": "prospective",
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 4 para. 39 not in force at Royal Assent, see s. 124(3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2024/22/schedule/4/paragraph/39",
    "retrieved_at": "2026-11-07T03:34:48.566347+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}