Chwilio Deddfwriaeth

Chwiliad Uwch

Housing Associations Act 1985

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Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).

2(1)The liability that may arise under the covenant required by paragraph 1 is a charge on the house, taking effect as if it had been created by deed expressed to be by way of legal mortgage.

(2)The charge has priority immediately after any legal charge securing an amount—

(a)left outstanding by the purchaser, or

(b)advanced to him by an approved lending institution for the purpose of enabling him to acquire the interest disposed of on the first disposal, or

(c)further advanced to him by that institution ;

but the housing association may at any time by written notice served on an approved lending institution postpone the charge taking effect by virtue of this paragraph to a legal charge securing an amount advanced or further advanced to the purchaser by that institution.

(3)A charge taking effect by virtue of this section is a land charge for the purposes of section 59 of the [1925 c. 21.] Land Registration Act 1925 notwithstanding subsection (5) of that section (exclusion of mortgages), and subsection (2) of that section applies accordingly with respect to its protection and realisation.

(4)The approved lending institutions for the purposes of this paragraph are—

  • a building society,

  • a bank,

  • a trustee savings bank,

  • an insurance company,

  • a friendly society,

  • the Housing Corporation

and any body specified, or of a class or description specified, in an order made under section 156 of the [1985 c. 68.] Housing Act 1985 (which makes provision in relation to disposals in pursuance of the right to buy corresponding to that made by this paragraph).

Yn ôl i’r brig

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