Housing (Miscellaneous Provisions) Act 2009
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Registration of charging orders and agreements with financial institutions. |
88.— (1) A charging order shall be deemed to be a mortgage made by deed within the meaning of the Conveyancing Acts 1881 to 1911 and to have been executed, at the time of the sale of the dwelling, in favour of the housing authority, for a charge in the terms provided for in section 86 . | |
(2) Accordingly, the housing authority shall, as and from the making of the charging order, as the case may be— | ||
(a) be deemed to be a mortgagee of the dwelling for the purposes of the Conveyancing Acts 1881 to 1911, and | ||
(b) have, in relation to the charge referred to in subsection (1), all the powers conferred by those Acts on mortgagees under mortgages made by deed. | ||
(3) Where a housing authority makes a charging order, it shall, as soon as practicable thereafter, cause the order to be registered in the Registry of Deeds or the Land Registry, as appropriate, and it shall be a sufficient description of the charge in respect of which the order is being registered to state that charge to be the charge referred to in section 86 of the Housing (Miscellaneous Provisions) Act 2009. | ||
(4) A charging order affecting a dwelling which is registered land within the meaning of the Registration of Title Act 1964 shall be registrable as a burden affecting such land whether the person named in the order as the owner of the land is or is not registered under the said Act as the owner of the land. | ||
(5) A housing authority may, subject to subsection (6), enter into an agreement with a holder of a licence under the Central Bank Act 1971 , a building society or other financial institution that a charge proposed to be created by it by a charging order shall have a priority, as against a mortgage or charge proposed to be created in favour of that holder, society or institution, that is different from the priority the charge would otherwise have if this subsection had not been enacted. | ||
(6) A housing authority may only enter into an agreement referred to in subsection (5) if it considers that the agreement will— | ||
(a) enable an eligible household with whom it is proposing to enter into an affordable dwelling purchase arrangement to obtain an advance of moneys from the holder, society or institution referred to in subsection (5) for the purposes of purchasing the dwelling, or | ||
(b) enable a purchaser— | ||
(i) to refinance an existing advance of moneys from the holder, society or institution referred to in subsection (5), or | ||
(ii) to obtain a further advance of moneys from the holder, society or institution referred to in subsection (5), for any purpose. | ||
(7) For the avoidance of doubt, neither a charging order nor a charge that arises under a charging order shall be regarded as a conveyance for the purposes of section 3 of the Family Home Protection Act 1976 . |