Where this section applies to the acquisition of a freehold or grant of a lease, the price payable is—
the market value, and
the other compensation (if any).
Schedule 4 sets out—
how the market value is to be determined — see Parts 1 to 5 and 7 of the Schedule, and
how to divide the market value into shares (where loss is suffered by certain landlords other than the landlord transferring the freehold or granting the lease) — see Part 6 of the Schedule.
Schedule 5 sets out when other compensation is payable and how to determine its amount.
Schedule 6 contains interpretation provision applicable to Schedules 4 and 5.
Schedule 7 contains amendments of the LRA 1967 and the LRHUDA 1993 that are consequential on sections 35 and 36, this section and Schedules 4 to 6.
These are the provisions under which this section applies to the acquisition of a freehold or grant of a lease—
section 9(A1) of the LRA 1967 (transfer of a freehold house under the LRA 1967);
section 14A(1) of the LRA 1967 (grant of an extended lease of a house under the LRA 1967);
section 32(1) of the LRHUDA 1993 (collective enfranchisement of a building under the LRHUDA 1993);
section 56(1)(b) of the LRHUDA 1993 (grant of a new lease of a flat under the LRHUDA 1993).
This section has effect subject to the following provisions (which provide for the adjustment of the price payable where property is in the area of a management scheme)—
section 19(10)(b) of the LRA 1967;
section 70(12)(b) and (c) of the LRHUDA 1993.
In this Part—
"transfer of a freehold house under the LRA 1967" means the conveyance or transfer of the freehold of a house and any other premises under Part 1 of the LRA 1967;
"grant of an extended lease of a house under the LRA 1967" means the grant of an extended lease of a house and any other premises under Part 1 of the LRA 1967;
"collective enfranchisement of a building under the LRHUDA 1993" means the acquisition by a nominee purchaser of a freehold and any other interests under Chapter 1 of Part 1 of the LRHUDA 1993;
"grant of a new lease of a flat under the LRHUDA 1993" means the grant of a new lease under Chapter 2 of Part 1 of the LRHUDA 1993.