12 Priority of charge for repayment of discount
Housing Act 1996 (1996 c 52) | Legislation

12  Priority of charge for repayment of discount

(1)     The charge taking effect by virtue of [section 11B] (charge for repayment of discount) has priority immediately after any legal charge securing an amount—

(a)     left outstanding by the purchaser, or

(b)     advanced to him by an approved lending institution for the purpose of enabling him to acquire the interest disposed of on the first disposal,

subject to the following provisions.

(2)     An advance which is made for a purpose other than that mentioned in subsection (1)(b) and which is secured by a legal charge having priority to the charge taking effect by virtue of [section 11B], and any further advance which is so secured, shall rank in priority to that charge if, and only if, the registered social landlord by notice served on the institution

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Common law offence of false imprisonment

Common law offence of false imprisonmentThe offence of false imprisonmentFalse imprisonment is a common law offence but it is more common as a civil action in tort (see Practice Note: False imprisonment).It is triable only on indictment. It may be classified in class 2A, 2B or 3 in accordance with

LEXISNEXIS

Common financial covenants

Common financial covenantsThis Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan

LEXISNEXIS

Forming enforceable contracts—consideration

Forming enforceable contracts—considerationThis Practice Note examines the doctrine of consideration and the key role it plays in English law in determining whether a contract is enforceable.A promise will only be capable of being contractually enforced if it is either made in a deed or made in

LEXISNEXIS

Tort—the different types of tort

Tort—the different types of tortThis Practice Note identifies the main torts (bar negligence and nuisance, which are covered elsewhere in our related content) and their key characteristics. Specifically:•trespass to land•trespass to the person•privacy/defamation•liability for animals•employers'