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Leasehold Reform, Housing and Urban Development Act 1993 (c. 28)(The document as of February, 2008) Page 20 Pages: P.1 | P.2 | P.3 | P.4 | P.5 | P.6 | P.7 | P.8 | P.9 | P.10 | P.11 | P.12 | P.13 | P.14 | P.15 | P.16 | P.17 | P.18 | P.19 | P.20 | P.21 | P.22 (a) the making of a relevant disposal which is not an excluded disposal, or (b) the expiry of the period of one year beginning with a relevant death, (whichever first occurs), a final payment, that is to say, a payment of the amount required to redeem the landlord's share. (2) A disposal is an excluded disposal for the purposes of this paragraph if-- (a) it is a further conveyance of the freehold or an assignment of the lease and the person or each of the persons to whom it is made is, or is the spouse of, the person or one of the persons by whom it is made; (b) it is a vesting in a person taking under a will or intestacy; or (c) it is a disposal in pursuance of an order under section 24 of the [1973 c. 18.] Matrimonial Causes Act 1973 (property adjustment orders in connection with matrimonial proceedings) or section 2 of the [1975 c. 63.] Inheritance (Provision for Family and Dependants) Act 1975 (orders as to financial provision to be made from estate), and (in any case) an interest to which this paragraph applies subsists immediately after the disposal. (3) In this paragraph "relevant death" means the death of a person who immediately before his death was the person or, as the case may be, the last remaining person entitled to an interest to which this paragraph applies. (4) A beneficial interest in the dwelling-house is an interest to which this paragraph applies if the person entitled to it is-- (a) the secure tenant or, as the case may be, one of the secure tenants, or (b) a qualifying person. Right to redeem landlord's share at any time2 (1) The conveyance or grant shall include provision entitling the secure tenant and his successors in title to make a final payment at any time. (2) The right shall be exercisable by written notice served on the landlord claiming to make a final payment. (3) The notice may be withdrawn at any time by written notice served on the landlord. (4) If the final payment is not tendered to the landlord before the end of the period of three months beginning with the time when the value of the dwelling-house is agreed or determined in accordance with paragraph 8, the notice claiming to make a final payment shall be deemed to have been withdrawn. Value of landlord's share and amount of final payment3 The value of the landlord's share shall be determined by the formula-- ---and the amount required to redeem that share shall be determined by the formula-- RВ =В VSВ -В D where--
Final discount4 (1) Where a final payment is made by, or by two or more persons who include-- (a) the secure tenant or, as the case may be, one of the secure tenants, or (b) a qualifying person, the person or persons making the payment are entitled, subject to the following provisions of this paragraph and paragraph 5, to a final discount equal to 20 per cent. of the value of the landlord's share. (2) Sub-paragraph (1) shall not apply if the final payment is made after the end of the protection period, that is to say, the period of two years beginning with the time when there ceases to be an interest to which this sub-paragraph applies. (3) A beneficial interest in the dwelling-house is an interest to which sub-paragraph (2) applies if the person entitled to it is-- (a) the secure tenant or, as the case may be, one of the secure tenants, or (b) a qualifying spouse. (4) The Secretary of State may by order made with the consent of the Treasury provide that the percentage discount shall be such percentage as may be specified in the order. (5) An order under this paragraph-- (a) may make different provision with respect to different cases or descriptions of case, including different provision for different areas, (b) may contain such incidental, supplementary or transitional provisions as appear to the Secretary of State necessary or expedient, and (c) shall be made by statutory instrument and shall not be made unless a draft of the order has been laid before and approved by resolution of each House of Parliament. Restrictions on and deductions from final discount5 (1) Except where the Secretary of State so determines, a final discount shall not reduce the total purchase price, that is to say, the aggregate of the initial payment, the final payment and any interim payments, below the amount which would be applicable under section 131(1) in respect of the dwelling-house if the relevant time were the time when the value of the dwelling-house is agreed or determined. (2) The total discount, that is to say, the aggregate of the initial discount, the final discount and any interim discounts, shall not in any case reduce the total purchase price by more than the sum prescribed for the purposes of section 131(2) at the time when the value of the dwelling-house is agreed or determined. (3) If a final payment is made after the end of the first twelve months of the protection period, there shall be deducted from any final discount given by paragraph 4 and the preceding provisions of this paragraph an amount equal to 50 per cent. of that discount. (4) There shall be deducted from any final discount given by paragraph 4 and the preceding provisions of this paragraph an amount equal to any previous discount qualifying or, the aggregate of any previous discounts qualifying, under the provisions of section 130. (5) A determination under this paragraph may make different provision for different cases or descriptions of case, including different provision for different areas. Right to make interim payment at any time6 (1) The conveyance or grant shall include provision entitling the secure tenant and his successors in title at any time to make to the landlord an interim payment, that is to say, a payment which-- (a) is less than the amount required to redeem the landlord's share; but (b) is not less than 10 per cent. of the value of the dwelling-house (agreed or determined in accordance with paragraph 8). (2) The right shall be exercisable by written notice served on the landlord, claiming to make an interim payment and stating the amount of the interim payment proposed to be made. (3) The notice may be withdrawn at any time by written notice served on the landlord. (4) If the interim payment is not tendered to the landlord before the end of the period of three months beginning with the time when the value of the dwelling-house is agreed or determined in accordance with paragraph 8, the notice claiming to make an interim payment shall be deemed to have been withdrawn. Landlord's reduced share and interim discount7 The landlord's share after the making of an interim payment shall be determined by the formula-- ---the amount of the interim discount shall be determined by the formula-- ---and the amount of any previous discount which will be recovered by virtue of the making of an interim payment shall be determined by the formula-- ---where--
Value of dwelling-house8 (1) For the purposes of the final payment or any interim payment, the value of a dwelling-house is the amount which for those purposes-- (a) is agreed at any time between the parties, or (b) in default of such agreement, is determined at any time by an independent valuer, as the amount which, in accordance with this paragraph, is to be taken as its value at that time. (2) Subject to sub-paragraph (6), that value shall be taken to be the price which the interest of the secure tenant in the dwelling-house would realise if sold on the open market by a willing vendor-- (a) on the assumption that the liabilities mentioned in sub-paragraph (3) would be discharged by the vendor, and (b) disregarding the matters specified in sub-paragraph (4). (3) The liabilities referred to in sub-paragraph (2)(a) are-- (a) any mortgages of the interest of the secure tenant, (b) the liability under the covenant required by paragraph 1, and (c) any liability under the covenant required by section 155(3) (repayment of discount on early disposal). (4) The matters to be disregarded in pursuance of sub-paragraph (2)(b) are-- (a) any interests or rights created over the dwelling-house by the secure tenant, (b) any improvements made by the secure tenant or any of the persons mentioned in section 127(4) (certain predecessors as secure tenant), and (c) any failure by the secure tenant or any of those persons-- (i) where the dwelling-house is a house, to keep the dwelling-house in good repair (including decorative repair); (ii) where the dwelling-house is a flat, to keep the interior of the dwelling-house in such repair. (5) Sub-paragraph (6) applies where, at the time when the value of the dwelling-house is agreed or determined, the dwelling-house-- (a) has been destroyed or damaged by fire, tempest, flood or any other cause against the risk of which it is normal practice to insure, and (b) has not been fully rebuilt or reinstated. (6) That value shall be taken to include the value of such of the following as are applicable, namely-- (a) any sums paid or falling to be paid to the secure tenant under a relevant policy in so far as they exceed the cost of any rebuilding or reinstatement which has been carried out; (b) any rights of the secure tenant under the covenant implied by paragraph 14(3) of Schedule 6 (covenant to rebuild or reinstate); and (c) any rights of the secure tenant under the covenant implied by paragraph 15(4) of that Schedule (covenant to use best endeavours to secure rebuilding or reinstatement). (7) In sub-paragraph (6) "relevant policy" means a policy insuring the secure tenant against the risk of fire, tempest or flood or any other risk against which it is normal practice to insure. (8) References in this paragraph to the secure tenant include references to his successors in title. Costs of independent valuation9 The conveyance or grant shall include provision requiring any sums falling to be paid to an independent valuer (whether by way of fees or expenses or otherwise) to be paid by the secure tenant or his successors in title. No charges to be made by landlord10 A provision of the conveyance or grant is void in so far as it purports to enable the landlord to charge the tenant or his successors in title a sum in respect of or in connection with the making of a final or interim payment. Other covenants and provisions11 Subject to the provisions of this Schedule, the conveyance or grant may include such covenants and provisions as are reasonable in the circumstances. Interpretation12 (1) In this Schedule--
(2) A person is a qualifying spouse for the purposes of this Schedule if-- (a) he is entitled to a beneficial interest in the dwelling-house immediately after the time when there ceases to be an interest to which this paragraph applies; (b) he is occupying the dwelling-house as his only or principal home immediately before that time; and (c) he is the spouse or surviving spouse of the person who immediately before that time was entitled to the interest to which this paragraph applies or, as the case may be, the last remaining such interest, or is the surviving spouse of a person who immediately before his death was entitled to such an interest; and any reference in this paragraph to the spouse or surviving spouse of a person includes a reference to a former spouse or surviving former spouse of that person. (3) A person is a qualifying resident for the purposes of this Schedule if-- (a) he is entitled to a beneficial interest in the dwelling-house immediately after the time when there ceases to be an interest to which this paragraph applies; (b) he is occupying the dwelling-house as his only or principal home immediately before that time; (c) he has resided throughout the period of twelve months ending with that time-- (i) with the person who immediately before that time was entitled to the interest to which this paragraph applies or, as the case may be, the last remaining such interest, or (ii) with two or more persons in succession each of whom was throughout the period of residence with him entitled to such an interest; and (d) he is not a qualifying spouse. (4) A beneficial interest in the dwelling-house is an interest to which this paragraph applies if the person entitled to it is the secure tenant or, as the case may be, one of the secure tenants. (5) References in this Schedule to the secure tenant are references to the secure tenant or tenants to whom the conveyance or grant is made and references to the secure tenant or, as the case may be, one of the secure tenants shall be construed accordingly. (6) References in this Schedule to the secure tenant's successors in title do not include references to any person entitled to a legal charge having priority to the mortgage required by section 151B (mortgage for securing redemption of landlord's share) or any person whose title derives from such a charge. " Section 158(2). SCHEDULE 17 Constitution of the AgencyMembership1 (1) The Agency shall consist of such number of members (being not less than six) as the Secretary of State may from time to time appoint. (2) The Secretary of State shall appoint one of the members to be chairman and may, if he thinks fit, appoint another of them to be deputy chairman. (3) Subject to the provisions of this paragraph, a member of the Agency shall hold and vacate office in accordance with the terms of his appointment. (4) A person who ceases to be a member of the Agency shall be eligible for re-appointment. (5) A member of the Agency may resign his office by notice in writing to the Secretary of State. (6) The Secretary of State may remove a member of the Agency from office if he is satisfied that he-- (a) is unable or unfit to carry out the functions of a member; (b) has not complied with the terms of his appointment; or (c) has become bankrupt or made an arrangement with his creditors. (7) A person shall cease to be chairman or deputy chairman of the Agency-- (a) if he resigns as such by notice in writing to the Secretary of State; or (b) if he ceases to be a member of the Agency. Remuneration, pensions etc.2 (1) The Agency shall pay to its members such remuneration, and such allowances, as the Secretary of State may determine. (2) The Agency may-- (a) pay such pensions, allowances or gratuities to or in respect of any persons who have been or are its members as the Secretary of State may determine; (b) make such payments as the Secretary of State may determine towards provision for the payment of pensions, allowances or gratuities to or in respect of any such persons. (3) If, when a person ceases to be a member of the Agency, the Secretary of State determines that there are special circumstances which make it right that he should receive compensation, the Agency shall pay to him a sum by way of compensation of such amount as the Secretary of State may determine. (4) The approval of the Treasury shall be required for any determination of the Secretary of State under this paragraph. Staff3 (1) There shall be a chief executive of the Agency who shall be responsible to the Agency for the general exercise of the Agency's functions. (2) The chief executive shall be appointed by the Agency but no person shall be appointed as chief executive unless the Secretary of State has consented to the appointment. (3) The Agency may appoint such other number of staff as the Secretary of State may approve. (4) The terms and conditions of appointment of any person appointed by the Agency under this paragraph shall be determined by the Agency with the consent of the Secretary of State. (5) The Agency shall pay to members of its staff such remuneration, and such allowances, as it may, with the consent of the Secretary of State, determine. (6) The Agency may-- (a) pay such pensions, allowances or gratuities to or in respect of any persons who have been or are members of its staff; (b) make such payments towards provision for the payment of pensions, allowances or gratuities to or in respect of any such persons, as it may, with the consent of the Secretary of State, determine. (7) Any reference in sub-paragraph (6) to pensions, allowances or gratuities to or in respect of any such persons as are mentioned in that sub-paragraph includes a reference to payments by way of compensation to or in respect of any members of the Agency's staff who suffer loss of office or employment or loss or diminution of emoluments. (8) The approval of the Treasury shall be required for the giving of any consent under sub-paragraph (4), (5) or (6). Delegation of powers4 Anything authorised or required to be done by the Agency under this Part-- (a) may be done by any member of the Agency, or of its staff, who has been authorised for the purpose, whether generally or specially, by the Agency; or (b) may be done by any committee or sub-committee of the Agency which has been so authorised. Proceedings5 (1) Subject to the following provisions of this Schedule, the Agency may regulate both its own procedure (including quorum) and that of any committee or sub-committee. (2) The Secretary of State may give directions as to the exercise by the Agency of its power under sub-paragraph (1) to regulate procedure; and directions under this sub-paragraph may be of a general or particular nature and may be varied or revoked by subsequent directions. (3) The validity of any proceedings of the Agency or of any committee or sub-committee of the Agency shall not be affected-- (a) by a vacancy amongst the members of the Agency, committee or sub-committee; (b) by a defect in the appointment of a member of the Agency, committee or sub-committee; or (c) by a contravention of directions under sub-paragraph (2) or of paragraph 6. (4) With the consent of the Secretary of State, persons who are not members of the Agency may be appointed as members of a committee or sub-committee of the Agency, but any such committee or sub-committee may not consist entirely of persons who are neither members of the Agency nor members of its staff. (5) The Agency may pay to any person who is a member of a committee or sub-committee but who is not a member of the Agency such remuneration, and such allowances, as the Secretary of State may, with the approval of the Treasury, determine. Members' interests6 (1) A member of the Agency or of any committee or sub-committee who is directly or indirectly interested in any matter brought up for consideration at a meeting of the Agency or of the committee or sub-committee shall disclose the nature of his interest to the meeting. (2) Where the matter in respect of which such a disclosure is made is a contract or agreement of any description, the member shall not take part in any deliberation or decision of the Agency, committee or sub-committee with respect to the matter. (3) Where the matter in respect of which such a disclosure is made is one other than a contract or agreement, the member may take part in any deliberation or decision of the Agency, committee or sub-committee with respect to the matter unless the rest of the members decide that the interest disclosed might prejudicially affect the member's consideration of the matter. Application of seal and proof of instruments7 (1) The application of the seal of the Agency shall be authenticated by the signature of any member of the Agency, or of its staff, who has been authorised by the Agency, whether generally or specially, for the purpose. (2) Every document purporting to be an instrument issued by the Agency and to be duly sealed with the seal of the Agency or to be signed on behalf of the Agency shall be received in evidence and, unless the contrary is shown, shall be deemed to be an instrument so issued. House of Commons disqualification8 In Schedule 1 to the [1975 c. 24.] House of Commons Disqualification Act 1975 (bodies of which all members are disqualified for membership of the House of Commons), in Part II there shall be inserted, at the appropriate place, the following entry-- " The Urban Regeneration Agency. " ; and the like insertion shall be made in Part II of Schedule 1 to the [1975 c. 25.] Northern Ireland Assembly Disqualification Act 1975. Section 158(2). SCHEDULE 18 Finances of the AgencyFinancial year1 The financial years of the Agency shall be as follows-- (a) the period beginning with the commencement of this Schedule and ending with the next following 31st March; and (b) each successive period of twelve months; and references in this Schedule to a financial year shall be construed accordingly. Financial duties2 (1) After consultation with the Agency, the Secretary of State may, with the approval of the Treasury, determine the financial duties of the Agency; and different determinations may be made in relation to different functions of the Agency. (2) The Secretary of State shall give the Agency notice of every determination, and a determination may-- (a) relate to a period beginning before the date on which it is made; (b) contain incidental or supplementary provisions; and (c) be varied or revoked by a subsequent determination. Government grants3 (1) The Secretary of State may, out of moneys provided by Parliament and with the approval of the Treasury, pay to the Agency, in respect of the exercise of its functions and in respect of its administrative expenses, such sums as he may, with the approval of the Treasury, determine. (2) The payment may be made on such terms as the Secretary of State may, with the approval of the Treasury, determine. Borrowing4 (1) The Agency may borrow temporarily, by way of overdraft or otherwise, such sums as it may require for meeting its obligations and exercising its functions-- (a) in sterling from the Secretary of State; or (b) with the consent of the Secretary of State, or in accordance with any general authority given by the Secretary of State, either in sterling or in a currency other than sterling from a person other than the Secretary of State. (2) The Agency may borrow otherwise than by way of temporary loan such sums as it may require-- (a) in sterling from the Secretary of State; or (b) with the consent of the Secretary of State, in a currency other than sterling from a person other than the Secretary of State. (3) The Secretary of State may lend to the Agency any sums it has power to borrow from him under sub-paragraph (1) or (2). (4) The Treasury may issue to the Secretary of State out of the National Loans Fund any sums necessary to enable him to make loans under sub-paragraph (3). (5) Loans made under sub-paragraph (3) shall be repaid to the Secretary of State at such times and by such methods, and interest on the loans shall be paid to him at such times and at such rates, as he may determine. (6) All sums received by the Secretary of State under sub-paragraph (5) shall be paid into the National Loans Fund. (7) The approval of the Treasury shall be required for the giving of any consent or authority under sub-paragraph (1) or (2), the making of any loan under sub-paragraph (3) or the making of any determination under sub-paragraph (5). Guarantees5 (1) The Treasury may guarantee, in such manner and on such conditions as they think fit, the repayment of the principal of, and the payment of interest on, any sums which the Agency borrows from a person other than the Secretary of State. (2) Immediately after a guarantee is given under this paragraph, the Treasury shall lay a statement of the guarantee before each House of Parliament; and, where any sum is issued for fulfilling a guarantee so given, the Treasury shall lay before each House of Parliament a statement relating to that sum, as soon as possible after the end of each financial year-- (a) beginning with that in which the sum is issued; and (b) ending with that in which all liability in respect of the principal of the sum and in respect of interest on it is finally discharged. (3) Any sums required by the Treasury for fulfilling a guarantee under this paragraph shall be charged on and issued out of the Consolidated Fund. (4) If any sums are issued in fulfilment of a guarantee given under this paragraph, the Agency shall make to the Treasury, at such times and in such manner as the Treasury may from time to time direct, payments of such amounts as the Treasury so direct in or towards repayment of the sums so issued and payments of interest, at such rates as the Treasury so direct, on what is outstanding for the time being in respect of sums so issued. (5) Any sums received by the Treasury in pursuance of sub-paragraph (4) shall be paid into the Consolidated Fund. Surplus funds6 (1) This paragraph applies where it appears to the Secretary of State, after consultation with the Treasury and the Agency, that the Agency has a surplus, whether on capital or on revenue account, after making allowance by way of transfer to reserve or otherwise for its future requirements. (2) The Agency shall, if the Secretary of State with the approval of the Treasury and after consultation with the Agency so directs, pay to the Secretary of State such sum not exceeding the amount of the surplus as may be specified in the direction. (3) Any sum received by the Secretary of State under this paragraph shall, subject to sub-paragraph (5), be paid into the Consolidated Fund. (4) The whole or part of any payment made to the Secretary of State by the Agency under sub-paragraph (2) shall, if the Secretary of State with the approval of the Treasury so determines, be treated as made-- (a) by way of repayment of such part of the principal of loans under paragraph 4(3); and (b) in respect of the repayments due at such times, as may be so determined. (5) Any sum treated under sub-paragraph (4) as a repayment of a loan shall be paid by the Secretary of State into the National Loans Fund. Financial limits7 (1) The aggregate amount at any time of borrowed sums shall not exceed £200 million or such greater sum not exceeding £300 million as the Secretary of State may by order made by statutory instrument specify. (2) In sub-paragraph (1) "borrowed sums" means sums borrowed by the Agency under paragraph 4 minus repayments made or treated as made in respect of those sums. (3) No order shall be made under sub-paragraph (1) unless a draft of the order has been laid before and approved by resolution of the House of Commons. Grants and loans: accounts8 (1) The Secretary of State shall prepare in respect of each financial year an account-- (a) of the sums issued to him under paragraph 4(4) and the sums received by him under paragraph 4(5) and of the disposal by him of those sums; and (b) of the sums paid into the Consolidated Fund or National Loans Fund under paragraph 6. (2) The Secretary of State shall send the account to the Comptroller and Auditor General before the end of the month of November next following the end of that year. (3) The Comptroller and Auditor General shall examine, certify and report on the account and lay copies of it and of his report before each House of Parliament. (4) The form of the account and the manner of preparing it shall be such as the Treasury may direct. Pages: P.1 | P.2 | P.3 | P.4 | P.5 | P.6 | P.7 | P.8 | P.9 | P.10 | P.11 | P.12 | P.13 | P.14 | P.15 | P.16 | P.17 | P.18 | P.19 | P.20 | P.21 | P.22 -- Back --
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