Purpose: This paper re-examined the Years Purchase (YP) formulae for leasehold valuation in relation to the established believe of an annual sinking fund (ASF) provision to recoup leasehold capital and also appraise the need for continuity of the use of YP dual rate in valuation practice.

Design/Methodology/Approach- The study adopted a critical review of the developments in the application of the income approach to property valuation.

Finding: The study found non-relevance of the dual-rate YP in the 21stcentury valuation practice. A misapplication of ASF to the appropriate YP is also suspected.

Practical implications: In the search for new paths for the real estate sector, the study supports discontinuation of the YP dual rate in valuation and the ASF application to YP of a leasehold, revealed in the appropriate formulae (1-PV)/(i+ASF) be sustained only for the purpose of training valuation students for a deep understanding of developments in income valuation.

Originality/Value: The study is conceived out of arguments in valuation teaching of the appropriate application of YP dual rate. Textbooks application suggest ASF is being applied to perpetuity YP as against the leasehold YP and often lead to confusion. This paper therefore leads the path to remove the confusion and misconception in leasehold valuation using YP dual rate.