PART 4

Miscellaneous Amendments of Other Enactments

Amendment of section 2 of Housing (Miscellaneous Provisions) Act, 1992.

16.— Section 2 of the Housing (Miscellaneous Provisions) Act, 1992 , is amended by substituting the following subsection for subsection (1):

“(1) (a) Notwithstanding the provisions of the Landlord and Tenant (Ground Rents) Act, 1978 , a person (including a housing authority and a body standing approved of by the Minister under section 6 (referred to in this Act as ‘an approved body')) may grant a shared ownership lease of a house (in this Act referred to as a ‘shared ownership lease'), being a lease—

(i) granted for a term of more than 20 years but less than 100 years,

(ii) granted on payment to the lessor of a sum of money being—

(I) in the case of a lease granted by an approved body, not less than 40 per cent and not more than 50 per cent,

(II) in any other case, not less than 25 per cent and not more than 75 per cent,

of the market value of the house, and

(iii) which, in the case of a lease other than a lease granted by an approved body, provides for the right of the lessee to purchase, in one or more transactions, the interest of the lessor in the demised house at a consideration determined in accordance with the provisions of the lease.

(b) No rule of law and nothing in this Act shall operate to confer or be construed as conferring an entitlement on a lessee who is granted a shared ownership lease of a house by an approved body to purchase the interest of the approved body in the house.”.