Amendment of the Social Landlords (Permissible Additional Purposes or Objects) Order 19962.
(1)
The Social Landlords (Permissible Additional Purposes or Objects) Order 19963 is amended as follows.
(2)
In article 2 (interpretation)—
(a)
in paragraph (1) for the definition of “qualifying lending institution”, substitute—
““qualifying lending institution” means—
(a)
the Housing Corporation; or
(b)
a person who—
- (i)
is an authorised person within the meaning given to that expression by section 31 of the Financial Services and Markets Act 20004, and- (ii)
has permission under that Act to enter into a regulated mortgage contract as lender;
“regulated mortgage contract” has the meaning given by article 61(3)(a) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 20015;”;
(b)
in paragraph (2) delete sub-paragraphs (b) and (c).
(3)
In article 3 (additional permissible purposes or objects), after paragraph (c), add—
“(d)
disposing of houses on leases—
(i)
granted on a payment of premium calculated by reference to a percentage of the value of the house or the cost of providing it, or
(ii)
under which the tenant (or his personal representatives) will or may be entitled to a sum calculated by reference directly or indirectly to the value of the house.”.