Planning and Development (Amendment) Act, 2002
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.”. |