Textual Amendments
F1Sch. substituted (1.4.2007) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2007 (S.I. 2007/573), regs. 1(1), 7 (with reg. 1(3))
7. Where the local authority grants a long lease of the dwelling and the initial percentage is less than 100 per cent—E+W
(a)the long lease includes provisions regarding the making by the local authority of a subsequent disposal of an interest in the dwelling to the purchaser in return for a further premium;
(b)where there is a subsequent disposal of an interest in the dwelling to the purchaser, the purchaser pays to the local authority the further premium, subject to any discount to which the purchaser is entitled;
(c)the further premium is calculated by reference to a percentage (a “further percentage”) of the value of the dwelling or the cost of providing it; and
(d)subject to paragraph 8, any further percentage is at least 10 per cent.]