Affordable Housing Act 2021
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Registration of affordable dwelling purchase arrangements and agreements with financial institutions | ||
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13. (1) An affordable dwelling purchase arrangement shall be registrable in the Registry of Deeds as an act of the homeowner affecting the dwelling and, as the case may be, in the Land Registry as a burden on any folio in which the affordable dwelling or any part thereof is registered. | ||
(2) For the avoidance of doubt— | ||
(a) an affordable dwelling purchase arrangement shall be registrable as a burden on any folio in which the affordable dwelling or any part thereof is registered in the name of the homeowner whether such arrangement is made before or after the eligible applicant becomes the registered owner, or the person entitled to be registered as owner, of the dwelling, and | ||
(b) the Property Registration Authority shall, on application to it in the prescribed form, make an entry pursuant to section 98 of the Registration of Title Act 1964 on any folio in which an affordable dwelling purchase arrangement is registered as a burden inhibiting any dealing with the affordable dwelling unless at least 28 days’ notice of the proposed dealing has been given to the housing authority. | ||
(3) A housing authority may, subject to subsection (4), enter into an agreement (either generally or in relation to a particular affordable dwelling purchase arrangement) with a holder of a licence under the Central Bank Act 1971 , a building society or other financial institution regulating the order of priority as between either or both of an affordable dwelling equity and any terms of an affordable dwelling purchase arrangement and a mortgage or charge proposed to be created in favour of that holder, building society or financial institution. | ||
(4) A housing authority may enter into an agreement referred to in subsection (3) only if it considers that the agreement will— | ||
(a) enable an eligible applicant to obtain an advance of moneys from the holder of a licence, building society or financial institution referred to in subsection (3) for the purposes of purchasing the dwelling, or | ||
(b) enable an eligible applicant— | ||
(i) to refinance an existing advance of moneys from the same or any other holder of a licence, building society or financial institution referred to in subsection (3), or | ||
(ii) to obtain a further advance of moneys from the same or any other holder of a licence, building society or financial institution referred to in subsection (3), for any purpose, where the priority of any security for such further advance of moneys will not impair the capacity of the housing authority to realise the affordable dwelling equity. |