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Regulation 29 Lease of land for term not exceeding three yearsI1

England and Wales Not yet in force

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

The initial cost of a lease (“the new lease”) of land shall be nil where—

(a)

the term of the new lease does not exceed three years;

(b)

the authority have not, at any time within the period of five years ending on the date on which they become the lessees, had a freehold interest in any part of the land, or an earlier leasehold interest in any part of the land for a term which, added to the term of the new lease, produces a combined term of more than three years; and

(c)

no other local authority have, within the same period, had a leasehold interest in any part of the land for a term which, added to the term of the new lease, produces a combined term of more than three years.

Annotations

Commencement

I1

Reg. 29 in force at 1.4.1997, see reg. 1(1)(b)