{
  "url": "https://openlegislation.uk/leasehold-and-freehold-reform-act-2024/schedule-4/paragraph-8",
  "json_url": "https://openlegislation.uk/leasehold-and-freehold-reform-act-2024/schedule-4/paragraph-8.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/8",
  "kind": "paragraph",
  "number": "8",
  "heading": "Market rack rent leases",
  "text": "(1) The standard valuation method is not compulsory for the property comprised in a current lease if it is a market rack rent lease at the valuation date.\n(2) If section 3(3) of the LRA 1967 applies to the current lease (successive leases treated as a single lease), sub-paragraph (1) is to apply only if the one of those leases which is in effect at the valuation date is a market rack rent lease.\n(3) A “market rack rent lease” is a lease which—\n(a) was granted—\n(i) for no premium, or\n(ii) for a premium which was low relative to the value of the freehold of the property with vacant possession at the time of the grant,\n(b) was granted at a market rack rent, and\n(c) the parties entered into with the intention that the rent would be a market rack rent.\n(4) In this paragraph “market rack rent” means a rent which was, or was reasonably close to, a market rack rent at the time of the grant.",
  "extent": "E+W",
  "status": "prospective",
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 4 para. 8 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/8",
    "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."
}