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The relative value of a property held on an existing long lease compared to its freehold value. For example, Property A has 65 years remaining and based on the available evidence has a relative value of 80% (£86,400) when compared to its freehold value (£108,000). See this First-tier Tribunal decision for a further example.

In order to work out the marriage value payable during a lease extension or collective enfranchisement it is necessary to consider the value of the remaining years on the lease (its unextended value).

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LEASE is governed by a board, appointed as individuals by the Secretary of State for the Ministry of Housing, Communities & Local Government.