Housing (Miscellaneous Provisions) Act 2009

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PART 5

AFFORDABLE DWELLING PURCHASE ARRANGEMENTS

Interpretation (Part 5).

78.— (1) In this Part—

“ affordable dwelling ” has the meaning given to it by section 82 ;

“ Affordable Dwellings Fund ” has the meaning given to it in section 94 ;

“ affordable dwelling purchase arrangement ” has the meaning given to it by section 83 ;

“ charging order ” has the meaning given to it by section 86 ;

“ charged period ” has the meaning given to it by section 86 ;

“ direct sales agreement ” has the meaning given to it by section 80 ;

“ eligible household ” means a household assessed by a housing authority under section 84 as being eligible for an affordable dwelling purchase arrangement;

“ market value ”, in relation to an affordable dwelling, means the price for which the dwelling might reasonably be expected to be sold on the open market;

“ net market value ” means the market value reduced by an allowance equal to the amount of the market value attributable to material improvements;

“ open market dwelling ” has the meaning given to it by section 81 ;

“ Part V agreement ” has the meaning given to it by section 80 ;

“ purchase money ”, in relation to an affordable dwelling, means the monetary value of the proportion of the purchase price of the dwelling fixed by the housing authority as the proportion that is required to be paid by an eligible household to purchase the dwelling under an affordable dwelling purchase arrangement;

“ purchaser ” means a person who purchases an affordable dwelling under an affordable dwelling purchase arrangement and includes a person in whom there subsequently becomes vested (other than for valuable consideration) the interest of the purchaser or his or her successor in title and the personal representative of that person or successor in title;

“ scheme of priority ” has the meaning given to it by section 85 .

(2) In this Part save where the context otherwise requires, a reference to a transfer of ownership shall be construed as a reference to a deed of transfer, conveyance or assignment.

(3) (a) Material improvements to an apartment shall not be taken into account for any of the purposes of this Part.

(b) In this subsection “ apartment ” means a separate and self-contained dwelling in a premises, divided into 2 or more such apartments, which requires arrangements for the upkeep and management of all or any part of the common areas, structures, works or services other than by the purchaser.