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Statutory Instrument 1991 No. 2053

The Mortgage Indemnities (Recognised Bodies) Order 1991

(The document as of February, 2008)

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STATUTORY INSTRUMENTS

1991 No. 2053

HOUSING, ENGLAND AND WALES

The Mortgage Indemnities (Recognised Bodies) Order 1991

Made9th September 1991
Coming into force30th September 1991

    The Secretary of State, in exercise of the powers conferred on him by section 444(1) of the Housing Act 1985[1] and of all other powers enabling him in that behalf, and withthe consent of the Treasury, hereby makes the following Order:
    Citation and commencement
        1.    This Order may be cited as the Mortgage Indemnities (Recognised Bodies) Order 1991 and shall come into force on 30th September 1991.
    Specified Bodies
        2.    The following bodies are hereby specified as recognised bodies for the purposes of sections 442 and 443 of the Housing Act 1985 (agreements to indemnify mortgagees and contributions to mortgage costs):
       (a) Barshelfco (No. 15) Limited;
       (b) Barshelfco (No. 16) Limited;
       (c) Finance for Mortgages Limited;
       (d) Mortgage Services Funding plc;
       (e) Mortgage Services Limited;
       (f) Norwich Union Mortgage Finance Ltd;
       (g) Scotlife Home Loans (No.2) Limited;
       (h) The Mortgage Business Public Limited Company;
       (i) Universal Credit Limited.


Signed by authority of the Secretary of State for the Environment

G. S. K. Young

Minister of State, Department of the Environment

28th August 1991
We consent,

Sydney Chapman

Irvine Patnick

Two of the Lords Commissioners of Her Majesty's Treasury

9th September 1991





EXPLANATORY NOTE

(This note is not part of the Order)
    This Order specifies nine additional bodies as recognised bodies for the purposes of sections 442 and 443 of the Housing Act 1985. (Other bodies have been specified by previous Orders.)
    Section 442 provides for a local authority, with the approval of the Secretary of State, to enter into agreements with a recognised body to indemnify such a body against any loss or expense arising from an advance made by it on the security of a house or flat bought from a local authority, a new town corporation, an urban development corporation, the Development Board for Rural Wales, the Corporation, or a registered housing association.
    Section 443 provides for a local authority to contribute towards costs incurred in connection with a legal charge to secure such an advance.


ISBN 0 11 015053 8



Notes:

[1] 1985 c. 68.

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