F1SCHEDULE 4A Exclusion of Certain Shared Ownership Leases
Certain leases granted by housing associationsCertain housing association and other leases
3
(1)
A lease granted by a housing association and which complies with the conditions set out in sub-paragraph (2) is excluded from the operation of this Part of this Act, whether or not the interest of the landlord still belongs to such an association.
(2)
The conditions are that the lease—
(a)
was granted for a term of 99 years or more and is not (and cannot become) terminable except in pursuance of a provision for re-entry or forfeiture;
(b)
was granted at a premium, calculated by reference to the value of the house or the cost of providing it, of not less than 25 per cent., or such other percentage as may be prescribed, of the figure by reference to which it was calculated;
(c)
provides for the tenant to acquire additional shares in the house on terms specified in the lease and complying with such requirements as may be prescribed;
F2(d)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(e)
if it enables the landlord to require payment for outstanding shares in the house, does so only in such circumstances as may be prescribed;
(f)
provides for the tenant to acquire the landlord’s interest on terms specified in the lease and complying with such requirements as may be prescribed; and
(g)
states the landlord’s opinion that by virtue of this paragraph the lease is excluded from the operation of this Part of this Act.
(3)
In any proceedings the court may, if of the opinion that it is just and equitable to do so, treat a lease as satisfying the conditions in sub-paragraph (2) notwithstanding that the condition specified in paragraph (g) of that sub-paragraph is not satisfied.
(4)
In this paragraph “housing association” has the same meaning as in the Housing Associations Act M11985.