Paragraph 2 Meaning of specific expressionsI1

In Schedules 4 and 5 and this Schedule—

• “collective enfranchisement” has the meaning given in paragraph 1(3) of Schedule 4;

• “collective enfranchisement of a building under the LRHUDA 1993” has the meaning given in section 37(8);

• “constituent lease” means any lease which is treated as forming part of a deemed single lease;

• “deemed single lease” means a lease to which—

  1. (a)

     the LRA 1967 applies by virtue of section 3(6) of that Act, or

  2. (b)

     the LRHUDA 1993 applies by virtue of section 7(6) of that Act,

  (separate tenancies with the same landlord and the same tenant treated as single tenancy);

• “freehold enfranchisement” has the meaning given in paragraph 1(3) of Schedule 4;

• “grant of a new lease of a flat under the LRHUDA 1993” has the meaning given in section 37(8);

• “grant of an extended lease of a house under the LRA 1967” has the meaning given in section 37(8);

• “lease extension” has the meaning given in paragraph 1(3) of Schedule 4;

• “market value of the notional lease” has the meaning given in paragraph 3(6) of Schedule 4;

• “market value of the relevant freehold” has the meaning given in paragraph 2(3) of Schedule 4;

• “notional lease” means the notional lease referred to in paragraph 3(2) of Schedule 4;

• “reversion value” has the meaning given in paragraph 27 (in relation to a freehold enfranchisement) or paragraph 28 (in relation to a lease extension);

• “standard valuation method” means the valuation method set out in Part 5 of Schedule 4;

• “statutory transfer or grant” means a statutory transfer or a statutory grant;

• “term date” is to be read subject to paragraph 1(2);

• “term value” has the meaning given in paragraph 25 of Schedule 4;

• “transfer”, in relation to a freehold, includes a conveyance;

• “transfer of a freehold house under the LRA 1967” has the meaning given in section 37(8).

Paragraph 3 sets out the meaning of other expressions used in Schedule 4 and 5 and this Schedule.