Land Act 2005

Redemption of purchase price.

3.(1) A person in possession of land which is subject to a land purchase annuity to which the provisions of section 2 do not apply may, if there are no unpaid arrears of such annuity, apply to redeem the annuity concerned by a single payment of an amount equal to 75 per cent of the redemption price of such annuity, pursuant to a scheme made under this section.

(2) An application referred to in subsection (1) shall be made in the prescribed form.

(3) The Minister may by regulations—

(a) with the consent of the Minister for Finance, establish a scheme providing for the redemption of land purchase annuities in accordance with the provisions of subsection (1), which scheme may contain conditions relating to the redemption of such annuities, including the time and date by which applications are to be received by the Minister and the latest time and date on or before which the payment of the redemption amount is to be discharged,

(b) prescribe a form to be completed by a person seeking to redeem a land purchase annuity pursuant to this section.