In this Order—

• “the 1996 Act” means the Housing Act 1996;

• “the open market value”, in relation to a dwelling, means the price for which the dwelling would have been sold at the relevant time, with vacant possession in an arms length transaction between a willing buyer and a willing seller on the open market;

• “the relevant notice”, in relation to an exercise of the right to acquire, means the notice served in accordance with section 122 of the Housing Act 1985, as applied to the right to acquire by section 17 of the 1996 Act and regulations made thereunder2;

• “relevant time” in relation to an exercise of the right to acquire, means the date on which that notice is served; and

• “the right to acquire” means the right of a tenant of a social landlord to acquire the dwelling of which he is a tenant, conferred by section 16 of the 1996 Act.