(1)The Secretary of State may by order make provision for the purpose of bringing to an end the scheme for assistance for first-time buyers which—
(a)as respects England and Wales, is contained in sections 445 to 450 of the M1Housing Act 1985, and
(b)as respects Scotland, is contained in sections 222 to 227 of the Housing (Scotland) Act 1987,
and in the following provisions of this section, the enactments specified in paragraphs (a) and (b) above together with any orders and directions made under those enactments are referred to as “the assistance legislation”.
(2)Without prejudice to the generality of the power conferred by subsection (1) above, an order under that subsection—
(a)may specify a date or dates with effect from which account will no longer be taken under the assistance legislation of matters specified in the order;
(b)may vary the terms of advances to lending institutions so as to commute what would otherwise be a number of payments or repayments to or by such an institution into a single payment or a smaller number of payments of such amount and payable at such time or times as may be determined in accordance with the order; and
(c)may provide for the amendment or repeal, in whole or in part, of theassistance legislation with effect from such date or dates and subject to such transitional provisions as may be specified in the order.
(3)The following powers, namely,—
(a)the powers conferred on the Secretary of State by subsection (3) ofsection 446 of the Housing Act 1985 and subsection (3) of section 223 of the Housing (Scotland) Act 1987 to relax or modify the conditions in subsection (2) of each of those sections respectively (conditions qualifying a purchaser for assistance), and
(b)any power to make an order under any provision of the assistance legislation,
may be so exercised as to make provision for the purpose referred to in subsection (1) above.
(4)The power to make an order under subsection (1) above shall be exercisable by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.
Marginal Citations