sec.4APurchase price

sec.4A Purchase price

The purchase price for converting a residential lease to freehold land under this subdivision is the amount equal to the difference between— the declared percentage of the value amount of the lease; and the amount of any concession prescribed under a regulation that applies for the conversion. However, the chief executive may adjust the purchase price to account for arrears of rent, or credits for rent, payable by or to the lessee under the lease. A regulation made under subsection (1) (b) may prescribe a concession that applies in different amounts for converting different residential leases, or different types of residential leases, to freehold land. A concession might apply in different amounts depending on how long a lessee has held a residential lease. s 4A ins 2005 No. 46 s 14 amd 2010 No. 39 s 325 sch 1 pt 2 (sec.4A-ssec.1) The purchase price for converting a residential lease to freehold land under this subdivision is the amount equal to the difference between— the declared percentage of the value amount of the lease; and the amount of any concession prescribed under a regulation that applies for the conversion. (sec.4A-ssec.2) However, the chief executive may adjust the purchase price to account for arrears of rent, or credits for rent, payable by or to the lessee under the lease. (sec.4A-ssec.3) A regulation made under subsection (1) (b) may prescribe a concession that applies in different amounts for converting different residential leases, or different types of residential leases, to freehold land. A concession might apply in different amounts depending on how long a lessee has held a residential lease.

• (a) the declared percentage of the value amount of the lease; and
• (b) the amount of any concession prescribed under a regulation that applies for the conversion.