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(1)The consideration for the grant of a shared ownership lease (the tenant’s “initial contribution”) shall be determined by the formula—
and the effective discount shall be determined by the formula—
where—
=
the tenant’s initial contribution,
=
the effective discount,
=
the tenant’s initial share expressed as a percentage,
=
the value of the dwelling-house at the relevant time, determined in accordance with section 127, and
=
the discount which if the tenant were exercising the right to buy would be applicable under sections 129 to 131.
(2)In determining the value of the dwelling-house for the purposes of this section, the assumptions to be made under section 127 (which vary according to whether it is the freehold or a lease which is to be acquired) are those applicable in relation to the dwelling-house for the pruposes of the right to buy.
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