# Leasehold and Freehold Reform Act 2024, Paragraph 39: Interpretation

Extent: E+W
Status: prospective

(1) In this Part of this Schedule—
“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;
“rent” has the same meaning as in the LR(GR)A 2022 (see section 22(2) and (3) of that Act);
“unexpired term”, in relation to a lease, means the period that—
(a) begins with the valuation date, and
(b) ends with the term date of the lease.
(2) A statutory instrument containing regulations under this paragraph is subject to the negative procedure.
(3) The Secretary of State must review the capitalisation rate or rates every ten years.

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Source: https://www.legislation.gov.uk/ukpga/2024/22/schedule/4/paragraph/39 (the official version)
Page: https://openlegislation.uk/leasehold-and-freehold-reform-act-2024/schedule-4/paragraph-39
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.